Tim Roberts owns a restaurant, a rental apartment and operates a consulting
service. He
...

Question

Tim Roberts owns a restaurant, a rental apartment and operates a consulting
service. He 
 has
separate financial statements for each entity.

David · Accepted Answer

Identify the accounting principle(s) applicable to each of the following situations:
A. Tim Roberts owns a bar and a rental apartment and operates a 
consulting service. He has separate financial statements for each. 
Separate entity concept: - according to this concept, business and owner are two different 
entities. Therefore even though the owner is same business entities are different. 
b.

Tim Roberts owns a restaurant, a rental apartment and operates a consulting service. He has separate financial statements for each entity.

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