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: E2-7f

Answer

Economic entity assumption

Work Step by Step

The economic entity assumption under the generally accepted accounting principles (GAAP) separates transactions by the business from those of the owners, therefore maintaining different accounting records.
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