Question

state the relevant accounting principles applied?
a) A sole trader pays private expenses from the business bank account and records them as drawings. b) A business will continue to operate for the foreseeable future c) A pocket calculator costs $9.50 and has a useful life of 5 years is treated as stationary expense d) A company does not include the value of skills gained by its employees from training programs in its financial statements. e) Business anticipate losses but not profits in preparing their annual accounts.

Answer 1

Answer:

a) Economic entity principle

b) Going Concern principle

C) CO st principle

d) Monetary Unit Principle

e) full disclosure principle