Accounting · Accounting Concepts and Principles
The business entity concept in accounting implies that:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1capital and revenue items are interchangeable
- 2all transactions must be measured in foreign currency
- 3business and owner are treated as separate for accounting purposes✓
- 4only corporate entities may maintain books of account
Correct answer
business and owner are treated as separate for accounting purposes
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