Which of the following requires that the activities of a business be kept distinct from those of its owner(s)?
A) reporting entity concept
B) going concern assumption
C) monetary unit concept
D) cost principle

Question

Quizplus · Accepted Answer

The reporting entity concept requires that the activities of a business be kept distinct from those of its owner(s) in financial reporting. This means that a business's financial statements should only report on the financial activities of the business itself, rather than including the personal financial activities of the owner or owners.

Which of the Following Requires That the Activities of a Business