WAEC Accounting 2024 Objective — Question 11
Question 11 of 50 from the West African Examinations Council (WAEC) Accounting 2024 Objective paper, with the correct answer and a full explanation.
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According to the entity concept, ownership of a business is
- A. vested on the board of directors
- B. vested on the management
- C. separated from the businessCorrect
- D. not separated from the business
Explanation
The entity concept treats the business as separate from its owner(s), even though ownership rests with the owner.
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