To include the personal assets and transactions of a business's owner in the records and reports of the business would be in conflict with the
A) currency
B) historical cost principle
C) business entity principle
D) going concern principle
E) revenue recognition principle

Question

Quizplus · Accepted Answer

The business entity principle states that the business transactions should be recorded separately from the personal transactions of the owner or any other entity. Therefore, including personal assets and transactions of a business's owner in the records and reports of the business would violate the business entity principle.

To Include the Personal Assets and Transactions of a Business's