Accounting WAEC

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?

A. Realization concept
B. Business entity concept
C. Cost concept
D. Dual aspect concept

Correct Answer: Option B

B. Business entity concept

Explanation

The business entity concept states that the transactions associated with a business must be separately recorded from those of its owners or other businesses.

SEE ALSO The concept which states that revenue should be recognized at the point when the sale is deemed to have been made is?
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