define entity in account
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An accounting entity is a clearly defined economic unit that isolates the accounting of transactions from other divisions or accounting entities. An accounting entity can be a corporation or sole proprietorship as well as a subsidiary within a corporation
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An accounting entity is a clearly defined economic unit that isolates the accounting of transactions from other divisions or accounting entities.
An accounting entity can be a corporation or sole proprietorship as well as a subsidiary within a corporation.
An accounting entity must have a separate set of books or records detailing the assets and liabilities than those of the owner.
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