Question

What is business entity concept?​

Answer 1

Answer:

The business entity concept states that the transactions associated with a business must be separately recorded from those of its owners or other businesses.

Answer 2

Explanation:

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 organization that completely exclude the assets and liabilities of any other entity or the owner.