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WAEC Financial Accounting 2016 Question 29

Question 29

Accounting Concepts and Conventions

The concept which states that the affairs of a business is to be treated as being separate from the private activities of the Owner is

  1. A.realization concept.
  2. B.business entity concept.
  3. C.cost concept.
  4. D.dual aspect concept
Show the answer and explanation

Answer: B (business entity concept.)

Explanation

The business entity concept separates the business from its owner.