Business Entity Concept
Trending Questions
What is an error of omission in accounting?
What are incomplete records and how is it distinguished from the double-entry system?
The fact that a business is separate and distinguishable from its owner is in accordance with which concept?
Prudence
Consistency
Dual Aspect
Business Entity
Which of the following assumptions implies that the assets and liabilities of the business are accounted for separately from the assets and liabilities of the owners? Find the Answer at BYJUS
Historical cost principle.
Continuity assumption
Monetary unit assumption
Separate entity assumption.
What do you understand by the concept of weak entity used in data modelling? Explain the relevance of owner entity type, partial key and identifying relationship in the context of such modelling.
To which of the following concerns does the business entity principle not apply?
Proprietorships
Partnerships
None of the above
LLP's
Mr. Raghav has rented a house. Ground Floor of the house is used for his business i.e. Grocery Shop & First floor of this house is used for his residence. The total rent for the house for a particular month was Rs 1, 00, 000. How much of this shall be recorded in books as an expense for the business?
Rs 1, 00, 000
Nil
Rs 50, 000
None of the above
- Rs 500
- Nil
- Rs 1500
- Rs 1000
- Owners
- Creditors
- Managers
- None of the above
- False
- True
- True
- False
What is entity concept?
- Consistency
- Going concern
- Accrual
- Business Entity
- False
- True