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what is business entity concept?
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Answer / sarthak yadav
In simple form it means business & owners are seprate.
| Is This Answer Correct ? | 1 Yes | 1 No |
Answer / raghu
Business entity concept: Its one of the basic concepts in accounting.It says that all the records are kept from business view point rather than from that of owner.In simple words to say that transactions of the business and those of owners for their personnel expenditure should be accounted for and reported separetely.
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Answer / rohit ajay
Business entity concept means business and owner or proprietor
both are seprate from each other and all the transactions are recorded from the view point of the business not from the view point of the owner i.e why capital is consider as liability over the business
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Answer / shabu
In accounting,business is treated as a separate entity from its owners.accounts are prepared to give information about the business and not those who own it.A distinction is made between business transactions and personal transactions and also between business property and personal property of of the owners.The business entity concept is necessary to ascertain the results of business operations.In case,the private and business transactions are not segregated,it will not be possible to determine true profitability of the concern.
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Answer / dileep kumar c c
An entity is an independent existence formed by one or more persons to conduct any profitable or charitable activity and take the benefit(whether profit or loss) out of it. Here if the activity is a profitable one then it is called business purpose entity and if it is a non profitable activity then it is called a charitable purpose entity. When such an entity is registered under any statute then its becomes a legal entity.
The person(s) involved in such entity is/are called owners of such entity. So it is clear that such owners are separate from such entity.
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Answer / suresh lakra
Business entity concept is the main concept of Accounting.
This concept says that distinct from propritor or investor
of the business. For eg. If a proprietor invest some amount
in the business, it should be treated as Liability of the
business and directly reflected in balance sheet.
| Is This Answer Correct ? | 10 Yes | 11 No |
Answer / divya annadevara
the owner and the business are treated as different
identities for accounting purpose although in the eyes of
law they are one and the same
| Is This Answer Correct ? | 0 Yes | 1 No |
Answer / sobharani
business is the human activity. it mainly concentrate on
earn profits by providing service to the public and while
satisfying the customer. it concertrate only profits.
| Is This Answer Correct ? | 14 Yes | 21 No |
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Define Busines entity concept?
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