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Earn +20 ptsQ: Explain the term entity
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Explain business entity concept?
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Explain business as an entity?
The business entity convention in accounting distinguishes the business from any other accounting entity. So the accounts of the owners are kept separate from those of the business.
Term accountants use to describe the separation of personal and business records?
Separate Entity Assumption
What is the difference between a reporting entity and a taxable entity?
the difference between a reporting entity and a taxable entity is, a reporting entity is the company or organization and the taxable entity is the individual.
A business entity that is a separate taxable entity is called what?
Business Entity Concept
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