The concept of 39 separate entity 39 is applicable to which of the following types of businesses nbs...........

Quantitative Aptitude (Pb Patwari) Accountancy

Download Solution PDF

The concept of 'separate entity' is applicable to which of the following types of businesses?

Sole proprietorship

Corporation

Partnership

All of the above

Explanation:

Ownership in business entities can be a sole proprietorship, partnership, or corporation. From the accounting perspective and its purpose these types of business are considered separate entities from their owners. The corporation is only one considered as a separate legal entity.