Question

which concept states that proprietor of a business is treated as creditor to the extent of the extent of his capital
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Answer 1

Answer:

Business Entity Concept

Explanation:

According to Business Entity Concept, a business is treated as a separate entity and is distinct from it's owners. When a proprietor introduces capital in his own business, the capital is considered as liability from business point of view. Similarly, when he withdraws any money for personal use it is treated as reduction in the liability of business.

Answer 2

Answer:

The concept is a business entity concept

Explanation:

GAAP stands for General Accepted Accounting Principles. The proprietor of the business is treated as a creditor to the extent of his capital under which concept.

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