An organization, for accounting purposes, stands apart from other organizations and individuals as a separate accounting entity.

Name: An organization, for accounting purposes, stands apart from other organizations and individuals as a separate accounting entity.
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This concept is known as the "entity concept" in accounting, which treats an organization as a separate entity distinct from its owners, other organizations, and individuals for accounting and financial reporting purposes.

An Organization, for Accounting Purposes, Stands Apart from Other Organizations