Question

26.Explain the Business entry concept?​

Answer 1

Explanation:

The business entity concept states that the business is separate from the owner(s) of the business. Therefore the accounting records for even the simplest business, the sole trader, must be kept separate from the personal affairs of the owner or owners.

Hope it helps......

Answer 2

Explanation:

The business entity concept states that the transactions associated with a business must be separately recorded from those of its owners or other businesses. Doing so requires the use of separate accounting records for the organization that completely exclude the assets and liabilities of any other entity or the owner

There are basically three types of business entity:

sole trader

partnership

limited company

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here u go..

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