According to business entity, the business and its owners are to be treated as two separate entities.

True

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False

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Q. According to "Business entity concept", business is treated as separate from its _______________.

Statement A: The owner and business are two separate entities. This is covered by Business Entity concept.

Statement B: Cost concept covers that the books of account are prepared at a certain frequency.

Partnership firm is a separate business entity but in legal point of view it is not separate business entity.

what does this means? Is partenership is separate businees entity or not?

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