- 1 Marks
FA – Nov 2022 – L1 – SA – Q2 – Accounting Concepts
Identify the correct accounting principle.
Question
Which of the following is a correct accounting principle?
A. Revenue should be supported by owners’ capital
B. There should be a balance in the payables’ account in order to measure total assets
C. Where payables account is zero, the assets are equal to the owner’s equity
D. Total liabilities and equity are equal
E. Total assets can be less than liabilities and equity
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