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what is business entity concept?
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Answer / swapna
Business entity concept: It is one of the main accounting
principle of accounting this concept says that Business
should be treated seperately from the properitor or investor
In simple words owner of the business should be treately
sepreatly from the business what ever profits come in to
the business should be taken in company account.
| Is This Answer Correct ? | 176 Yes | 21 No |
Answer / k.srinivas
It means always business is seperate and owner is seperate.
| Is This Answer Correct ? | 95 Yes | 23 No |
Answer / fazil
Business entity means business and owners are seperate
| Is This Answer Correct ? | 67 Yes | 7 No |
Answer / vijay gawalkar
In accounting the separate entity concept treats a business
as distinct and completely seprate from the owners. It is
necessary to record the business transactions separately to
distinguish it from the owner's personal transactions. This
concept is now extended to accounting for various divisions
of a firm in order to ascertain results for each division.
| Is This Answer Correct ? | 52 Yes | 5 No |
Answer / arjunanag@rocketmail.com
it is one of the accounting concepts. this concept describes
owners and business are separate.
| Is This Answer Correct ? | 18 Yes | 3 No |
Answer / baadshah
As mentioned in the previous posts that the business should
be considered different drom the sole properioter or the
owner of the business but the thing which we need to c here
is that why?????
the simple reason being that when we talk about the company
its not only the money of the properoiter but also the
money of those shareholders which are a liability towards
the company
so a properoiter cannot use the mony which is invested in
the company and if it happens then these transactions
should be properly posted in the books of accounting
| Is This Answer Correct ? | 23 Yes | 10 No |
Answer / deepa tiwari
business entity concept means existence of business as a
seperate entity from its priprietors. it is a separate
business unit which is concerned with business and not
businessman.
| Is This Answer Correct ? | 19 Yes | 9 No |
Answer / priya
It is treated seperate from its owner.On the basis of this
concept the proprietor is treated as a creditor for the
businnes,and it appears on the liability side of balance
sheet.Thus this concept thus requires to make a distinction
between (1)personal transactions and (2)business
transactions.
This is the basic and fundamental concept
| Is This Answer Correct ? | 15 Yes | 5 No |
Answer / shibaram behera
This concept implies that a business unit is separate and distinct from the person who supply capital to it. Irrespective of the form of organization,a business unit has got its own individuality.In law,the distinction between the owners and the business is drawn only in the case of joint stock company but in accounting this distinction is made in the case of sole trade and partnership firm as well.
| Is This Answer Correct ? | 2 Yes | 0 No |
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