The business entity assumption is important because?
A. It limits the amount that a company can record for its transactions in the accounting records.
B. It requires that the company record all of its economic transactions in accordance with GAAP.
C. It requires that all transactions be recorded in the period in which they occur
D. It limits economic data in the accounting system to data directly related to the activities of the business

Question

25-05-2022
Business

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The business entity assumption is important because?
A. It limits the amount that a company can record for its transactions in the accounting records.
B. It requires that the company record all of its economic transactions in accordance with GAAP.
C. It requires that all transactions be recorded in the period in which they occur
D. It limits economic data in the accounting system to data directly related to the activities of the business

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kanikabajaj294 kanikabajaj294 · Answer 1 · 2022-05-26T17:13:09+02:00

The business entity assumption is an accounting principle that makes a legal distinction between the transactions carried out by a business.

What do you mean by business entity assumption?

A business entity assumption refers to an accounting principle that makes a legal distinction between the transactions carried out by a business and the transactions of the owner.

It is important because it limits economic data in the accounting system to data directly related to the activities of the business.

Therefore, D is the correct option.

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