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WAEC Financial Accounting 2015 Question 33

Question 33

Accounting Concepts and Conventions

The accounting concept that states that a firm's financial affairs must be separated from that of the owner's private transactions is

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

Answer: A (business entity.)

Explanation

The business entity concept treats the business as separate from its owner.