Entity concept
In accounting, a business or an organization and its owners are treated as two separately identifiable parties. This is called the entity concept. The business stands apart from other organizations as a separate economic unit. It is necessary to record the business's transactions separately, to distinguish them from the owners' personal transactions. This helps to give a correct determination of the true financial condition of the business. This concept can be extended to accounting separately for the various divisions of a business in order to ascertain the financial results for each division. Under the business entity concept, a business holds separate entity and distinct from its owners. "The entity view holds the business 'enterprise to be an institution in its own right separate and d
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Entity concept
In accounting, a business or an organization and its owners are treated as two separately identifiable parties. This is called the entity concept. The business stands apart from other organizations as a separate economic unit. It is necessary to record the business's transactions separately, to distinguish them from the owners' personal transactions. This helps to give a correct determination of the true financial condition of the business. This concept can be extended to accounting separately for the various divisions of a business in order to ascertain the financial results for each division. Under the business entity concept, a business holds separate entity and distinct from its owners. "The entity view holds the business 'enterprise to be an institution in its own right separate and d
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In accounting, a business or a ...... ffairs of the business itself.
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In accounting, a business or a ...... n its own right separate and d
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Entity concept
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