The concept that treats the business as separate from its owner is the
Agoing concern concept
Bmoney measurement concept
Cbusiness entity concept
Ddual aspect concept
Answer & Solution
Correct answer: C. business entity concept
The business entity concept treats the business and its owner as distinct; the owner's personal transactions are kept out of the business books.
Related questions
A source document that serves as evidence of a transaction and basis for recording is aThe book of original entry in which transactions are first recorded is theRevenue is recognised when it is earned, not when cash is received. This is theAccounting Standards in India are issued by theClosing stock is valued at cost or net realisable value, whichever is lower. This follows 'Anticipate no profit but provide for all possible losses' expresses the convention ofRecording only transactions that can be expressed in money terms reflects theAccording to the going-concern concept, a business is assumed to