Which of the following accounting concepts makes it possible to separate business transactions from personal transactions?
A)Business entity
B)Costs and expenses
C)Going concern
D)Accounting equation

Question

Quizplus · Accepted Answer

The concept of business entity assumes that the business is a separate entity from its owner(s) and therefore distinguishes the transactions of the business from the owner's personal transactions. This helps in maintaining proper accounting records and assessing the financial health of the business.

Which of the Following Accounting Concepts Makes It Possible to Separate