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WAEC Financial Accounting 2024 Question 11

Question 11

Accounting Concepts and Conventions

According to the entity concept, ownership is

  1. A.vested on the board of directors.
  2. B.vested on the management.
  3. C.separated from the business.
  4. D.not separated from the business.
Show the answer and explanation

Answer: C (separated from the business.)

Explanation

The entity concept keeps the owner separate from the business.