Question

Explain Business Entity Concept?

Answer 1

●●The business entity concept states that the transactions associated with abusiness must be separately recorded from those of its owners or otherbusinesses.

■■Doing so requires the use of separate accounting records for the organization that completely exclude the assets and liabilities of any otherentity or the owner.

Answer 2

Hello!

The answer is--- the business entity concept states that the transaction associated with a business must be separately recorder from those of its owners or other businesses.

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