Question on: JAMB Accounting - 2019
Every economic unit, regardless of its legal form of existence, that is treated as a separate entity from parties having economic interest is
A
realisation concept
B
entity concept
C
going concern concept
D
matching concept
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Correct Option: B
In accounting, a business or an organization and its owners are treated as two separately identifiable parties. This is called the entity concept. The business stands apart from other organizations as a separate economic unit. Wikipedia
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