what is mean by separate entity
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The separate entity concept states that we should always separately record the transactions of a business and its owners. ... Otherwise, the owner may buy something (such as real estate) and leave it on the books of the business, when in fact the owner is treating it as a personal possession.
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A separate entity is a business that is separate legally and financially from its owner or owners. ... Everything done by the business entity is separate from what is done by the individual owner(s).
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