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What is business entity concept?

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What is business entity concept?

Posted by Khushi Patidar 4 years ago

CBSE > Class 11 > Accountancy

1 answers

Gaurav Seth 4 years 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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CBSE > Class 11 > Accountancy

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CBSE > Class 11 > Accountancy

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