Question

basic accounting terms explain.1) Entity​

Answer 1

Answer:

Accounts Payable – Accounts Payable are liabilities of a business and represent money owed to others. ... Accounts Receivable – Assets of a business and represent money owed to a business by others. Accrual Accounting – Records financial transactions when they occur rather than when cash changes hands.

Answer 2

Answer:

An accounting entity is a clearly defined economic unit that isolates the accounting of certain transactions from other subdivisions or accounting entities. An accounting entity can be a corporation or sole proprietorship as well as a subsidiary within a corporation