Assertion :In accounting, a distinction is made between the business and the owner. Reason: Accounting concepts are based on adjectively and not on subjectivity.

Both Assertion and Reason are correct and Reason is the correct explanation for Assertion

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Both Assertion and Reason are correct but Reason is not the correct explanation for Assertion

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Assertion is correct but Reason is incorrect

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Both Assertion and Reason are incorrect

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Solution

The correct option is B Both Assertion and Reason are correct but Reason is not the correct explanation for Assertion
This concept assumes that, for accounting purposes, the business enterprise and its owners are two separate independent entities. Thus, the business and personal transactions of its owner are separate.
The Reason is not relevant according to the Assertion.

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