Accountıng I Deneme Sınavı Sorusu #1313566
Which of the following is not true about the economic entity assumption?
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Business transactions of the entity are separated from the owner’s personal transactions. |
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The entity stands apart as a separate economic unit. |
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Business is a separate entity distinct from its creditors. |
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Business is a separate entity distinct from its customers. |
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In a sole proprietorship the owner is not personally responsible for the debts of business. |
Yanıt Açıklaması:
In a sole proprietorship the owner is personally responsible for all the debts and liabilities of business. In short, there is no distinction between the business and its owner, but the accounting records of the business activities are kept separate from the personal records of its owner.
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