Explain Business Entity Concept?
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●●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.
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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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