The accounting concept that maintains that each organization or section of an organization stands apart from other organizations and individuals is known as the:

Question

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The entity assumption in accounting states that each organization or section of an organization is a separate entity and should be treated as such in financial statements. This means that the assets, liabilities, and financial performance of one entity should not be combined with those of another entity, even if they are related in some way. This principle helps to ensure that financial statements accurately reflect the financial position and performance of a single entity, rather than a group of entities or individuals.

The Accounting Concept That Maintains That Each Organization or Section