15 October, 14:02
12. Which of the following accounting concepts requires that business records be kept separate
from the owners personal records?
b. Business entity
d. Revenue recognition
15 October, 14:35
b. Business entity
The business entity concept asserts that the transactions of any form of a business ownership must be in separate records from those of its owners. A business should only record activities that relate to business transactions.
The sole proprietorship is the simplest type of business ownership. Its owner must keep a separate record for his or her expenses, and another one for the business. A mix up of transaction will make the accounting information loses its credibility and usability. In other words, the business report will not reflect the actual performance of the business.
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» 12. Which of the following accounting concepts requires that business records be kept separate from the owners personal records? a Matching b. Business entity c. Cost d. Revenue recognition