What is buisness entity concept

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Posted by Anubhav Joji Madunia 5 years, 3 months ago
- 2 answers
Yogita Ingle 5 years, 3 months ago
Business Entity Concept: The concept of business entity says that a business is a separate entity from its owners. Therefore, for the objective of accounting, the firm and its owners are considered as 2 distinct persons. Hence, when an owner brings in capital into the firm, it is considered as a liability of the business.
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Anubhav Joji Madunia 5 years, 3 months ago
0Thank You