Entity concept
id:
entity-concept-286-12062013
title:
Entity concept
text:
In accounting, a business or an organization and its owners are treated as two separate parties. This is called the entity concept. The business stands apart from other organizations as a separate economic unit. It is necessary to record the business's transactions separately, to distinguish them from the owners' personal transactions. This helps to give a correct determination of the true financial condition of the business. This concept can be extended to accounting separately for the various
brand slug:
wiki
category slug:
encyclopedia
description:
Idea that a business has separate transactional existence from its owners
original url:
https://en.wikipedia.org/wiki/Entity_concept
date created:
date modified:
2024-01-08T23:52:22Z
main entity:
{"identifier":"Q5380559","url":"https://www.wikidata.org/entity/Q5380559"}
image:
fields total:
13
integrity:
14