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Question

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. 


  1. Statement A: True
    Statement B: True

  2. Statement A: True
    Statement B: False

  3. Statement A: False
    Statement B: False

  4. Statement A: False
    Statement B: True


Solution

The correct option is B

Statement A: True
Statement B: False


Business Entity concept covers that a business is separate and distinguishable from its owner.
Accounting period concept covers that the books of accounts are prepared at a certain frequency. 

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