Question

Business Entity Concept is not applicable to
a) Public Company
b) Partnership
c) Private Company
d) Sole Proprietor​

Answer 1

Answer:

public company

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Answer 2

The business entity concept applies to all organizations.

• A business is considered to be a separate legal entity from its owners, according to the business entity concept.
• When an owner invests money in his own company, the money is viewed as a liability from a business standpoint.
• Similar to how his personal use withdrawals are considered a reduction in business obligation.
• All firms, including sole proprietorships, partnerships, joint stock companies, etc., can use this idea.
• That a company's financial dealings must be kept apart from those of its owners and other business entities.
• The events that influence anyone other than the business entity are irrelevant and are not recorded in the entity's accounting records, which means that while recording transactions in a business, we only consider those events that specifically affect that business.
• This idea is crucial because if a company's transactions get mixed up with those of its owners or other companies, the accounting data will no longer be useful.
• Even if a law does not recognize a certain type of business organization, such as a sole proprietorship, partnership, or corporation, the business entity's idea of accounting is still valid.

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