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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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Chapter
Section
BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

According to the business entity concept, nonbusiness assets and liabilities are not included in the business’s accounting records.

To determine

State whether the given statement is true or false.

Explanation

Business entity concept:

  • Business entity concept states that the personal and business finances of owners are reported in separate accounting records, which means that the organization and its owners are two separate parties.
  • It excludes the non-business assets and liabilities which are not included in the business’s accounting records...

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