The accounting concept underlying the treatment of personal expenses of the business owner as drawing…

Accounts - Principles of Accounts WAEC 2014

The accounting concept underlying the treatment of personal expenses of the business owner as drawing is

  • periodicity
  • accrual
  • entity checkmark
  • materiality

The correct answer is: C

Explanation

The business entity concept states that the transactions associated with a business must be separately recorded from those of its owners or other businesses.

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