The concept that economic activity which can be identified with a particular company must be kept separate and distinct from the owner(s) and from all other economic entities is known as
A) the separation concept.
B) the reporting entity concept.
C) the economic concept.
D) the business organization concept.

Question

Quizplus · Accepted Answer

The reporting entity concept states that the financial activities of a business must be kept separate from the personal financial activities of its owners and from other businesses.

The Concept That Economic Activity Which Can Be Identified with a Particular