The accounting concept that states that a firm's financial affairs must be separated from that...

WAEC 2015

The accounting concept that states that a firm's financial affairs must be separated from that of the owner's private transactions is

A. Business entity
B. Going concern
C. Consistency
D. Duality

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Correct Answer: Option A

Explanation

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

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The accounting concept that states that a firm's financial affairs must be separated from that...

Correct Answer: Option A

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