N(A)-Level POA Practice Questions - Singapore-Cambridge GCE Normal (Academic) Level Principles Of Accounts Exam

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A sole proprietor paid his personal house utility bill of S$350 using money from the business bank account. Which accounting concept requires this transaction to be recorded as drawings rather than a business expense?

Accounting Entity Concept Going Concern Concept Historical Cost Concept Matching Concept

Correct Answer:

Accounting Entity Concept

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