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Q. Explain about business entity concept?
A business entity perhaps made up of several different legal entities. For example a large business such as General Motors Corporation may consist of several separate corporations every of which is a separate legal entity. For reporting purposes but the corporations may be considered as one business entity because they have a common ownership. Section 14 illustrates this concept. When accountants record business transactions for an entity they suppose it is a going concern. The going-concern (continuity) assumption states that an entity will carry on operating indefinitely unless strong evidence exists that the entity will terminate. The termination of an entity takes place when a company ceases business operations and sells its assets. The process of termination is called as liquidation. If liquidation appears probable the going-concern assumption is no longer valid.
budgeting?
Creditors: this may be short or long-term lenders. Short-term creditors comprise suppliers of materials, services or goods. They are generally termed as trade creditors. Long-term
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what is the implication of applying accounting concepts wrongly
What is the end-of-period worksheet Show Trial Balance-debits MUST EQUAL credits Show Adjustments-debits MUST EQUAL credits Carry adjustments forward to Adjusted Trial Ba
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