Question: Explain the separate entity concept.

Explain the separate entity concept.

Step by Step Solution

★★★★★

3.40 Rating (153 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

The separate entity concept also known as the entity concept or the entity assumption is a fundamental accounting principle that underpins financial a... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related College Accounting Questions!

Give example of universalizability in business ethics.

Question 4 Discrete random variable X takes 2 possible values: -1 and 2. Another discrete random variable Y takes 2 possible values: 0 and 3. The 1st moment of random variables X and Y about the...

Certain underlying considerations have had an important impact on the development of generally accepted accounting principles. Following is a list of these underlying considerations, as well as a...

7. This process refers to the reporting of the information processed in the accounting system to interested users. a. Measuring b. Identifying c. Communicating d. Classifying 8. Which of the...

1. 60 3.1. That a business may only report activities on financial statements that are specifically related to company operations, not those activities that affect the owner personally is known as...

5. The basic function of accounting in business is the generation of relevant and timely financial information for interested parties. TASK B provided. Multiple Choice. Choose the letter of the best...

Instructions: Write True if the statement is true. Write False if the statement if false, if false write the word/words that makes the statement false. PROBLEM 1: TRUE OR FALSE 1. Accounting concepts...

For the following situations choose the principle, assumption, or concept that justifies or explains what occurred. A company records the expenses incurred to generate the revenues reported. Expense...

1. The expenses relating to personal use should be treated as drawings rather than as business expenses. This is in accordance with A. Matching concept. B. Prudence concept. C. Separate entity...

Imagine a product that might solve a common problem in your industry of interest. Write a sales letter using Monroes Motivates Sequence, targeting a potential buyer of the product.

Two elements are connected in series, as shown. Element 1 supplies of power. Is element 2 absorbing or supplying power, and how much? 67

Diskette Company sells 2 0 0 discs per week. Purchase - order lead time is 1 - 1 / 2 weeks and the economic - order quantity is 4 5 0 units. What is the reorder point? a ) 2 0 0 units b ) 3 0 0 units...

For one or more of the original needs of your choice, write down your vision and draw a diagram like the ones earlier showing possible paths from your original need to your vision. AppendixLO1

Consider the following data for 20X1: Physical Units Started in 20X1 ........... 70,000 Completed in 20X1 ........ 115,000 Ending inventory , work in process .... 35,000 Beginning inventory, work in...

Dells manufacturing process at its Austin, Texas, facility consists of assembly, functional testing, and quality control of the companys computer systems. The companys build-to-order manufacturing...

Selected data concerning the past fiscal years operations of the Woodson Manufacturing Company are as follows (in thousands): Answer each of the following items: 1. Compute the cost of raw materials...

a work in process(WIP)IS THE COST OF UNFINISHED GOODS IN THE MAnufacturing process including labour,raw materials and overhead

Simon has taken to increase their liquidity. Do an analysis on how these steps benefit liquidity and comment on the impact on all financial statements. For this exercise, assume Simon will have a...

The management of Shatner Manufacturing Company is trying to decide whetehr to continue manufacturing a part or to buy it from an outside supplier. The part, called CISCO. is a component of the...