In the preparation of account, the owners of the business and the business concerned are...
FINANCIAL
JAMB 2019
In the preparation of account, the owners of the business and the business concerned are treated as:
- A. partners
- B. joint venture
- C. the same person
- D. separate legal entities
Correct Answer: D. separate legal entities
Explanation
The business entity concept state that business is treated as a separate entity from parties having proprietary or economic interest in it.
Post an Explanation Or Report an Error
If you see any wrong question or answer, please leave a comment below and we'll take a look. If you doubt why the selected answer is correct or need additional more details? Please drop a comment or Contact us directly. Your email address will not be published. Required fields are marked *