Question

write a short note on business entity concept of accounting
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Answer 1

Answer:

The business entity concept states that the business is separate from the owner(s) of the business. Therefore the accounting records for even the simplest business, the sole trader, must be kept separate from the personal affairs of the owner or owners.

Explanation:

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ANSWERED BY

@amatullahtinwala569

Answer 2

Answer:

The business entity concept states that the business is separate from the owner(s) of the business. Therefore the accounting records for even the simplest business, the sole trader, must be kept separate from the personal affairs of the owner or owners.