Which of the following assumptions implies that the assets and liabilities of the business are accounted for separately from the assets and liabilities of the owners?
A)Unit-of-measure assumption
B)Continuity assumption
C)Historical cost principle
D)Separate entity assumption

Question

Quizplus · Accepted Answer

The separate entity assumption states that each business's activities must be accounted for separately from the activities of its owners, all other persons, and other entities.

Which of the Following Assumptions Implies That the Assets and Liabilities