UPMSP Vocational Accountancy & Auditing Practice Questions - Uttar Pradesh UPMSP Intermediate (Class 12) Vocational Accountancy And Auditing - Code 222 Exam

According to the Business Entity concept, how is the owner of a firm treated in the accounting books?

As a separate entity distinct from the business enterprise As an employee of the firm receiving salary only As identical to the business enterprise with shared assets As a unsecured debtor with no equity rights

Correct Answer:

As a separate entity distinct from the business enterprise

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