Q1 {I} BUSINESS ENTITY CONCEPT The concept of business enti | WASSCE HEADQUARTERS

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BUSINESS ENTITY CONCEPT
The concept of business entity assumes that business has a distinct and separate entity from its owners. It means that for the purposes of accounting, the business and its owners are to be treated as two separate entities. Keeping this in view, when a person brings in some money as capital into his business, in accounting records, it is treated as liability of the business to the owne