Which accounting concept should be considered if the owner of a business takes goods from inventory for his own personal use?
A)The prudence concept
B)The capitalisation concept
C)The money measurement concept
D)none

Question

Quizplus · Accepted Answer

The concept that should be considered when an owner takes goods from inventory for personal use doesn't specifically fall under the prudence, capitalisation, or money measurement concepts. Instead, this action is related to the concept of business entity or owner's drawings, which emphasizes the separation of business transactions from the owner's personal transactions. However, none of the options provided directly refer to this concept.

Which Accounting Concept Should Be Considered If the Owner of a Business