To include the personal assets and transactions of a business's owner(s)in the records and reports of the business would be in conflict with the:

Question

Quizplus · Accepted Answer

The business entity assumption requires that the business is separate from its owner(s) and that their personal assets and transactions should not be included in the records and reports of the business. This principle ensures that the financial statements reflect only the activities of the business and not the personal activities of its owner(s).

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