Accountancy, asked by bhawanakaju, 4 months ago

Personal
transactions
are
distinguished
from
business
transaction
in
accordance
with the
concept of

Answers

Answered by Anonymous

Answer:

This concept is called business entity concept. It means that personal transactions of owners are treated separately from those of the business. Therefore any personal expenses incurred by owners of a business will not appear in the income statement of the entity.

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