The _____________ means that a business is separated from its owners.

Name: The _____________ means that a business is separated from its owners.
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Question

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The separate entity concept is the principle that a business is treated as a distinct, separate and independent entity from its owners or shareholders. This means that a business's financial information, transactions and records are kept separate and distinct from its owner's or shareholder's personal finances.

The _____________ Means That a Business Is Separated from Its