The owner of the firm records his medical expenses in the firm's income statement indicates the principle that is violated. 1)cash concepts 2)prudence 3)full disclosure 4)entity concept
Answers
Answered by
3
Answer:
follow me...read more and more
Answered by
1
The business entity concept states that the transactions associated with a business must be separately recorded from those of its owners or other businesses. Doing so requires the use of separate accounting records for the organisation that completely exclude the assets and liabilities of any other entity or the owner. Without this concept, the records of multiple entities would be intermingled, making it quite difficult to discern the financial or taxable results of single business.
hope it helps you
Similar questions