According to the entity concept, ownership is

Accounts - Principles of Accounts

JAMB 2025

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

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Correct Answer: Option A

Explanation

The entity concept states that a business is separate from its owners. Business transactions are recorded independently of owners’ personal transactions, ensuring financial statements reflect the business’s activities only.

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According to the entity concept, ownership is

Correct Answer: Option A

Explanation

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