In the preparation of account, the owners of the business...
In the preparation of account, the owners of the business and the business concerned are treated as
Partners
Joint venture
The same person
Separate legal entities
Correct answer is D
The business entity concept state that business is treated as a separate entity from parties having proprietary or economic interest in it.
Which of the following describes a trial balance? ...
Given: Depreciation of plant and machinery N1,600 Factory rent N650 Indirect wages N695 General ...
One of the advantage of the shortcomings of single entry procedures is that ...
Which of the following is an item of special assets? ...
Given: Direct material N2,500 Direct labour N5,000 Direct expenses N1,000 Overhead expenses N1,5...
Rent is apportioned each department on the basis of ...
Which of the following is source of document for the preparation of debtors' ledger account? ...