Teaching UGC NET Mock Test Series 2025 (Paper 1 & 2) Accounting and Auditing Basic accounting principles
While recording the expenses in the profit and loss account, Ritesh entered a sum of Rs 32,000, which was spent on repairing the personal car, in the repairs account.
Identify which principle of accounting is violated here?
1
Separate entity
2
Conservatism
3
Revenue recognition
4
Full disclosure