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 business records rent paid in advance as a current asset rather than an immediate expense at the time of payment. Which accounting principle or assumption primarily justifies this treatment?

Prudence principle Accrual basis principle Separate entity concept Historical cost convention

Correct Answer:

Accrual basis principle

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