According lo the entity concept, ownership is

Accounts - Principles of Accounts

WAEC 2024

A. vested or the board of directors.
B. vested on the management.
C. separated from the business.
D. not separated from the business

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Correct Answer: Option C

Explanation

Entity concept try to establish that the firm/ company is a separate entity that can sue and be sued in its name separate from the owner of the business.

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According lo the entity concept, ownership is

Correct Answer: Option C

Explanation

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