WAEC Accounting 2015 Objective — Question 33
Question 33 of 50 from the West African Examinations Council (WAEC) Accounting 2015 Objective paper, with the correct answer and a full explanation.
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The accounting concept that states that a firm's financial affairs must be separated from that of the owner's private transactions is
- A. business entityCorrect
- B. going concern
- C. consistency
- D. duality
Explanation
The business entity concept states that the business is treated as separate and distinct from its owner(s); the business can sue and be sued in its own name.
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