According to the business entity concept, business and businessman are two separate entities.
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?
how does business entity concept hold in case of unlimited liability?