When Amy started a new business a few months ago, the first thing she did was open a business bank account rather than using her personal bank account for business transactions. This is consistent with the: Question 3 Answer Monetary principle Historical cost principle Accounting period concept Accounting entity concept Going concern assumption

Sarah commenced a small business several years ago. By pausing recording temporarily each year on 30 June to prepare financial statements, she is following the: Question 2 Answer Accounting period concept Historical cost principle Monetary principle Going concern assumption Accounting entity concept

Is the business bank account capital or asset

Identify which of the following is the least likely to be a consideration when establishing a business bank account.*1 pointThe bank fees charged on the bank accountThe share price of the financial institutionThe interest rate of the bank accountWhether a bank overdraft is available with the given bank account

Identify which of the following is the most important factor for business owners when selecting a business bank account.*1 pointA low rate of interestA low rate of interest with high bank feesAn interest-free bank accountA high rate of interest

Mr. Shyam has started a business by investing Rs. 3,50,000. He purchased goods for Rs. 43,000, machinery for Rs. 1,25,000, and furniture for Rs. 65,000; Rs. 37,000 remains in hand. An amount of Rs. 80,000 will be treated as business capital, according to which of the following accounting concepts? Accrual concept Business entity concept Matching concept Money measurement concept