Accounting Multiple Choice Question – 25 August 2017

Accounting

The owner of a business paid for his family’s holiday from the business bank account and recorded the payment as drawings.  Which accounting concept is being applied?

Select ONE answer:

  1. Accruals
  2. Business entity
  3. Going concern
  4. Prudence
  5. Consistency

The four fundamental concepts or rules of accounting that should be followed in the preparation of all accounts and financial statements are?

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This is multiple choice question is suitable for Accounting KS5 classes.

The answer is 2 – Business entity as this is a personal expense, not a company expense.

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Author: stuart001uk2014

Referral marketing, business, economics and accounting s​pecialist & corporate mentor

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