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WAEC Financial Accounting 2020 Question 18

Question 18

Accounting Concepts and Conventions

The accounting concept which distinguishes an enterprise from its owners is

  1. A.money measurement concept.
  2. B.dual aspect 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 separates the business from its owners.