Intermediate Accounting 14th Edition

Published by Wiley
ISBN 10: 0470587237
ISBN 13: 978-0-47058-723-2

Chapter 2 - Conceptual Framework for Financial Reporting - Exercises - Page 73: E2-6e

Answer

(e) 11. Economic entity assumption

Work Step by Step

The economic entity symptom separates the transactions carried out by the owners of a company with those carried out by the business entity. Therefore, each entity maintains separate accounting records.
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