Question on: WAEC Accounting - 2016
The concept which states that the affairs of a business is to be treated as being separate from the private activities of the owner is
A
Realization concept
B
Business entity concept
C
Cost concept
D
Dual aspect concept
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Correct Option: B
The business entity concept states that the transactions associated with a businessmust be separately recorded from those of its owners or other businesses.
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