Accountancy, asked by maharshipagadala, 8 months ago

Explain the concepts of (1) Business entity concept (2) Period concept (3) Going

concern concept

Answers

Answered by Anonymous

Explanation:

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.

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