Question

Business entity concept is not applicable to sole trading and partnerships ....is it true or false?? ...if true then why, if false then also why ???????
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Answer 1

Answer:

False, it is applicable to sole trading and partnerships.

Explanation:

The business entity concept of accounting is applicable to all types of business organisations.

Answer 2

In this question, we need to state true and false with the reason.

• Business entity concept does not apply to sole trading and partnership. This statement is false.
• The business entity concept of accounting applies to all types of business organizations.
• According to the notion of a business entity, a firm's transactions must be recorded independently from those of its owners or other businesses.
• To do this, the organization must keep separate accounting records, free from any mention of the owner's or any other entity's assets or liabilities.
• Without this idea, the records of several organizations would be a mixer, making it very challenging to distinguish the financial or tax outcomes of a single company.

PROJECT CODE #SPJ2

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