Singapore GCE A-Level H2 Principles Of Accounting Practice Questions - Singapore GCE A-Level H2 Principles Of Accounting Examination (SEAB Syllabus 9593) Exam

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A sole trader bought a laptop for personal use using personal savings but recorded it in the firm's accounting software as a business asset. Which accounting principle has been violated?

Going concern assumption Materiality constraint Separate entity concept Consistency principle

Correct Answer:

Separate entity concept

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