The business being separate and distinct from the owners is an integral part of the:
A)time period assumption.
B)going concern assumption.
C)business entity assumption.
D)realization assumption.
E)None of the answers are correct.

Question

Quizplus · Accepted Answer

The business entity assumption refers to the idea that a business is separate from its owners, and therefore has its own set of financial accounts and reports. This assumption allows for the business to be viewed and analyzed as a separate entity, which is important for accurate financial reporting and decision making.

The Business Being Separate and Distinct from the Owners Is