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The concept which states that the affairs of a business is to be treated as...

Accounts - Principles of Accounts
WAEC 2016

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
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Correct Answer: Option B
Explanation

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

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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