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Introduction to Book Keeping and Accountancy — Book Keeping & Accountancy STD 11 Commerce / Arts — Question

Maharashtra BoardEnglish MediumSTD 11 Commerce / ArtsBook Keeping & AccountancyIntroduction to Book Keeping and Accountancy1 Mark
Question
What is the entity concept?
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Answer

The business entity concept states that a business has a separate entity and has an independent legal existence distinct from the person who owns it.

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