To include the personal assets and transactions of a business's owner in the records and reports of the business would be in conflict with the:
A)Cost principle.
B)Revenue recognition principle.
C)Business entity principle.
D)Going concern principle.
E)Monetary unit principle.

Question

Quizplus · Accepted Answer

The Business entity principle states that the business and its owner(s) are separate entities, and thus, personal assets and transactions of the owner should not be included in the records and reports of the business.

To Include the Personal Assets and Transactions of a Business's