in no more than a paragraph,state the justification for using the accounting entity concept and the...

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in no more than a paragraph,state the justification for using the accounting entity concept and the major drawbacks of doing so

David · Accepted Answer

Business Entity Concept 
In accounting, business and its owner are treated as separate identifiable entities. The business 
stands apart from the owner. It is necessary to record business transactions separately, 
distinguished from the owner’s personal transactions.

in no more than a paragraph,state the justification for using the accounting entity concept and the major drawbacks of doing so

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