Question

8. Explain any three of the following:
(i) Business Entity Concept
(ii) Matching Concept
(iii) Consistency Concept
(iv) Dual Aspect Concept​

Answer 1

Answer:

i) In accounting, a buisness or an organisation and it's owner are treated as two separately identifiable parties... this is called the entity concept.. the buisness stands apart from other organisations as a separate economic unit..