Q146
The allocation of owner's private expenses to his/her business violates which of the following?
A.
Accrual concept
B.
Matching concept
C.
Separate business entity concept
AnswerD.
Consistency concept
Answer: Option C
Solution
Answer: Option C
Solution:
The allocation of owner's private expenses to his/her business violates Separate business entity concept. The business entity concept states that the transactions associated with a business must be separately recorded from those of its owners or other businesses.