For accounting purposes, business transactions should be kept separate from the personal transactions of the stockholders of the business.

Name: For accounting purposes, business transactions should be kept separate from the personal transactions of the stockholders of the business.
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Quizplus · Accepted Answer

This principle is known as the business entity concept, which states that a business's financial transactions should be separate from the personal transactions of its owners or stockholders.

For Accounting Purposes, Business Transactions Should Be Kept Separate from the Personal