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 states that the business is separate and distinct from its owners. This means that the business's financial statements should only reflect the financial activities of the business, and not the personal financial activities of the owners.

The Business Being Separate and Distinct from the Owners Is