Question

What is the separate entity concept and accounting equation concept?

Answer 1

Explanation:

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The business entity concept means that a business is separate from the owner(s) of the business. The accounting equation for any business states that Assets = Capital + Liabilities. The duality concept means that every transaction has two effects.

Answer 2

In separate entity the owner and firm both are separate they don’t have link between them. That much I know.....