Ask Question
BusinessBusiness
18 June, 02:39

The business entity concept means that a. the owner is part of the business entity b. an entity is organized according to state or federal statutes c. an entity is organized according to the rules set by the FASB d. the entity is an individual economic unit for which data are recorded, analyzed, and reported

+4
Answers (1)
  1. 18 June, 03:00
    0
    Answer: Option D

    Explanation: In business entity concept, the owner of the entity and entity itself are considered to be two separate units. This rule generally apply for corporations that are registered with the Govt. In such a structure, all of the filings of data will be done on separate basis for both owner and the entity.

    Thus, from the above we can conclude that the correct option is D.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “The business entity concept means that a. the owner is part of the business entity b. an entity is organized according to state or federal ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Barnes Books allows for possible bad debts. On May 7, Barnes writes off a customer account of $6,100. On September 9, the customer unexpectedly pays the $6,100 balance. Record the cash collection on September 9.
Answers (1)
Commercial Paper securities A) are issued only by the largest and most creditworthy corporations, as they are unsecured. B) carry an interest rate that varies according to the firm's level of risk. C.
Answers (1)
Susan works for Groceries To You, a new firm specializing in home delivery of high quality food and wines.
Answers (1)
Rudy is looking at career options for his future. His parents will cover most of his living expenses while he prepares for his career, but he will need about $700 per week once he finishes school.
Answers (1)
Miguel has a big sales presentation tomorrow. he's planning how to adapt his presentation to meet the needs of his customer. miguel would describe himself as highly competitive, outgoing, and talkative, and also disciplined, serious, and formal.
Answers (1)
New Questions in Business
In pure competition, the demand for the product of a single firm is perfectly Multiple Choice A) elastic because the firm produces a unique product. B) inelastic because the firm produces a unique product.
Answers (1)
Suppose Toyota built a new automobile plant in Mexico using Japanese management practices, Canadian capital, and Mexican labour. Which of the following statements would be true? A.
Answers (1)
Suppose that the home country in the two-sector (manufacturing and agriculture) specific-factors model has a comparative advantage in manufacturing output. What will happen to the relative price of manufactured output when trade occurs?
Answers (1)
Gideon Company uses the allowance method of accounting for uncollectible accounts. On May 3, the Gideon Company wrote off the $2,900 uncollectible account of its customer, A. Hopkins.
Answers (1)
How is a gas different from a solid or a liquid? A. A gas is made of tiny particles. B. A gas has volume. C. A gas expands to fill the container. D. A gas has density. TY
Answers (1)
Home » Business » The business entity concept means that a. the owner is part of the business entity b. an entity is organized according to state or federal statutes c. an entity is organized according to the rules set by the FASB d.
Sign Up Forgot Password?