Neco Model Questions Vol1 2025 Financial Accounting Question 3

Practice objective / multiple choice question 3 from the 2025 Neco Model Questions Vol1 Financial Accounting examination.

Neco Model Questions Vol1 2025 Financial Accounting Objective / Multiple Choice Easy Difficulty
Question 3 NECO_MODEL_QUESTIONS_VOL1 • 2025 • FINANCIAL_ACCOUNTING • objective

Owner Mary withdraws \(\₦20,000\) from her personal savings to pay the business's electricity bill. Which fundamental accounting concept is violated by this transaction?

Answer Options

A. Historical cost concept (original cost)
B. Going concern concept (continuity)
C. Monetary unit concept (stable currency)
Correct Answer D. Entity concept (separate entity)
Correct Answer
D
Correct Option:
Entity concept (separate entity)

About This Question

This is Neco Model Questions Vol1 2025 Financial Accounting Question 3. It is one of the objective questions from the 2025 Neco Model Questions Vol1 Financial Accounting examination.

Difficulty level: Easy .

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