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Intermediate Accounting: Reporting...
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Intermediate Accounting: Reporting...
What is the reporting entity assumption? How does it affect the scope of financial reporting?
Explain the reporting entity assumption, and explain the manner in which it would affect the scope of financial reporting.
Reporting entity assumption:
A company is considered as an individual entity, as per the reporting entity assumption, hence this indicates the business and personal record keeping should be maintained separately.
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