Under the business entity convention the value of fixed assets is the balancing item in the balance sheet.

Name: Under the business entity convention the value of fixed assets is the balancing item in the balance sheet.
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Quizplus · Accepted Answer

Under the business entity convention, the business is treated as separate from its owners, and the value of fixed assets is determined by their purchase price or cost, less any depreciation, not as a balancing item in the balance sheet.

Under the Business Entity Convention the Value of Fixed Assets