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In the preparation of account, the owners of the business and the business concerned are…

In the preparation of account, the owners of the business and the business concerned are treated as:

  • A.
    partners
  • B.
    joint venture
  • C.
    the same person
  • D.
    separate legal entities
Correct Answer: Option D
Explanation

The business entity concept state that business is treated as a separate entity from parties having proprietary or economic interest in it.