Which of the following concepts relate to separating the reporting of business and personal economic transactions?
A) cost concept
B) unit of measure concept
C) business entity concept
D) objectivity concept

Question

Quizplus · Accepted Answer

The concept that relates to separating the reporting of business and personal economic transactions is the business entity concept. This concept states that the business is a separate entity from its owners, and therefore, its financial transactions should be reported separately from owners' personal transactions. The other concepts listed (cost, unit of measure, objectivity) do not directly relate to this concept.

Which of the Following Concepts Relate to Separating the Reporting