New Enroll for RBI, PFRDA & NABARD Intro Class! April 18 at 9:15 PM

    Question

     Which of the following concepts says that the business

    is different and the owner is different?
    A Periodicity Concept Correct Answer Incorrect Answer
    B Money Measurement Concept Correct Answer Incorrect Answer
    C W Going Concern Concept Correct Answer Incorrect Answer
    D Business Entity Concept Correct Answer Incorrect Answer

    Solution

    The Business Entity Concept is a fundamental accounting principle that considers a business organization as a separate entity from its owners or shareholders. According to this concept, the financial transactions of the business must be recorded and reported independently of the personal transactions of the owners.

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