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Multiple choice: 1. The business entity concept means that: A. the owner of the business entity and the business entity are treated the same from a legal and accounting B. the business entity is organized according to the rules determined by the ASC C. the business entity is organized according to the rules determined by the BOA D. the business entity is considered

Multiple choice: 1. The business entity concept means that: A. the owner of the business entity and the business entity are treated the same from a legal and accounting B. the business entity is organized according to the rules determined by the ASC C. the business entity is organized according to the rules determined by the BOA D. the business entity is considered

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Multiple choice: 1. The business entity concept means that: A. the owner of the business entity and the business entity are treated the same from a legal and accounting B. the business entity is organized according to the rules determined by the ASC C. the business entity is organized according to the rules determined by the BOA D. the business entity is considered a separate entity apart from the owner or owners 2. Liabilities are: A. Insider claims to the business's assets B. Outsider claims to the business's assets C. Economic resources of a business D. Increases in owner's equity earned by delivering goods or services
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