Which assumption is the basis upon which the personal assets of the owner are excluded from the business's balance sheet?
A) Going concern
B) Accrual basis
C) Materiality
D) Accounting entity

Question

Quizplus · Accepted Answer

The accounting entity assumption separates the business entity from its owner(s) such that the personal assets of the owner are excluded from the business's balance sheet.

Which Assumption Is the Basis Upon Which the Personal Assets