The accounting concept that states that a firm’s financial affairs must be separated from that…

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Accounts - Principles of Accounts WAEC 2015

The accounting concept that states that a firm’s financial affairs must be separated from that of the owner’s private transactions is

  • Business entity checkmark
  • Going concern
  • Consistency
  • Duality

The correct answer is: A

Explanation

The business entity concept states that the transactions associated with abusiness must be separately recorded from those of its owners or otherbusinesses. 

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