Answer
Economic entity assumption
Work Step by Step
Economic entity assumption separates transactions of the business from that of its owners. Consolidated financial statements combine the financial statements of the two entities.
Intermediate Accounting 14th Edition
by Kieso, Donald E.; Weygandt, Jerry J.; Warfield, Terry D.
Published by
Wiley
ISBN 10:
0470587237
ISBN 13:
978-0-47058-723-2
Chapter 2 - Conceptual Framework for Financial Reporting - Exercises - Page 73: E2-7k
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