Question

explain business entity concept





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Answer 1

Answer:

The business entity concept states that the business is separate from the owner(s) of the business. Therefore the accounting records for even the simplest business, the sole trader, must be kept separate from the personal affairs of the owner or owners.

Answer 2

Answer:

Explanation:

In Accounting,Business Entity Concept states that in any business organisation,the commercial or business related transactions should be separated from other personal transactions of the owner or transactions pertaining to other external businesses.