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WAEC Financial Accounting 2013 Question 18

Question 18

Accounting Concepts and Conventions

A business is treated as being separate from owners. This statement is emphasized by

  1. A.consistency concept.
  2. B.realization concept.
  3. C.going concern concept.
  4. D.business entity concept.
Show the answer and explanation

Answer: D (business entity concept.)

Explanation

The business entity concept treats the business and its owner as separate, so only business transactions are recorded.