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Categories >> Accounting >> Accounting AllOther
 
 


 

 
 Audit interview questions  Audit Interview Questions (422)
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 Taxation interview questions  Taxation Interview Questions (1893)
 Accounting General interview questions  Accounting General Interview Questions (2781)
 Accounting AllOther interview questions  Accounting AllOther Interview Questions (4351)
Question
what is business entity concept?
 Question Submitted By :: Nitya
I also faced this Question!!     Rank Answer Posted By  
 
  Re: what is business entity concept?
Answer
# 1
Business entity concept: It is one of the main accounting
principle of accounting this concept says that Business
should be treated seperately from the properitor or investor
In simple words owner of the business should be treately
sepreatly from the business what ever profits come in to
the business should be taken in company account.
 
Is This Answer Correct ?    174 Yes 21 No
Swapna
 
  Re: what is business entity concept?
Answer
# 2
It means always business is seperate and owner is seperate. 
Is This Answer Correct ?    93 Yes 23 No
K.srinivas
 
 
 
  Re: what is business entity concept?
Answer
# 3
Business entity means business and owners are seperate 
Is This Answer Correct ?    66 Yes 7 No
Fazil
 
  Re: what is business entity concept?
Answer
# 4
In accounting the separate entity concept treats a business
as distinct and completely seprate from the owners. It is
necessary to record the business transactions separately to
distinguish it from the owner's personal transactions. This
concept is now extended to accounting for various divisions
of a firm in order to ascertain results for each division.
 
Is This Answer Correct ?    52 Yes 5 No
Vijay Gawalkar
 
  Re: what is business entity concept?
Answer
# 5
business is the human activity. it mainly concentrate on
earn profits by providing service to the public and while
satisfying the customer. it concertrate only profits.
 
Is This Answer Correct ?    14 Yes 21 No
Sobharani
 
  Re: what is business entity concept?
Answer
# 6
business entity concept means existence of business as a
seperate entity from its priprietors. it is a separate
business unit which is concerned with business and not
businessman.
 
Is This Answer Correct ?    19 Yes 9 No
Deepa Tiwari
 
  Re: what is business entity concept?
Answer
# 7
As mentioned in the previous posts that the business should
be considered different drom the sole properioter or the
owner of the business but the thing which we need to c here
is that why?????
the simple reason being that when we talk about the company
its not only the money of the properoiter but also the
money of those shareholders which are a liability towards
the company
so a properoiter cannot use the mony which is invested in
the company and if it happens then these transactions
should be properly posted in the books of accounting
 
Is This Answer Correct ?    23 Yes 10 No
Baadshah
 
  Re: what is business entity concept?
Answer
# 8
Business entity concept is the main concept of Accounting.
This concept says that distinct from propritor or investor
of the business. For eg. If a proprietor invest some amount
in the business, it should be treated as Liability of the
business and directly reflected in balance sheet.
 
Is This Answer Correct ?    9 Yes 11 No
Suresh Lakra
 
  Re: what is business entity concept?
Answer
# 9
It is treated seperate from its owner.On the basis of this
concept the proprietor is treated as a creditor for the
businnes,and it appears on the liability side of balance
sheet.Thus this concept thus requires to make a distinction
between (1)personal transactions and (2)business
transactions.
This is the basic and fundamental concept
 
Is This Answer Correct ?    14 Yes 5 No
Priya
 
  Re: what is business entity concept?
Answer
# 10
it is one of the accounting concepts. this concept describes
owners and business are separate.
 
Is This Answer Correct ?    18 Yes 3 No
Arjunanag@rocketmail.com
 

 
 
 
Other Accounting AllOther Interview Questions
 
  Question Asked @ Answers
 
what is the meaning of LIQUIDITY? what is merger, acquisition & amalgamation? what is the differnce between them? WHAT IS THE TAXABLE VALUE OF THE FOLLOWING FRING BENEFITS FOR FRINGE BENEFIT TAX ? a) CONCESSIONAL TICKET PROVIDED BY THE EMPLOYER FOR PRIVATE JOURNEY OF An EMPLOYEE AND HIS FAMILY MEMBERS. b) GIFTS AND SCHOLARSHIP. Capital-IQ 9
diiffrence b/w provsion & reserve   7
How to decide the number of voucher files to be maintained ? What are the possible voucher files?   1
What is an Acrual Interest? In which side of the Balance Sheet, it should be shown???? ICAI 13
how is the due date calculated. invoice date + payment terms or invoice received date + payment terms or it depends upon the company   3
what is ERP packages?   1
EXPAND___________MNC   2
Why closing stock wont appear in the Trial Balance?   2
what is journal and ledgers ? Prolect 16
what is the accounting conventions Cognizent 1
What is Contingent Liabilities?   3
Q1. Assuming that a firm pays tax at a 50 percent rate, compute the after tax cost of capital in the following cases: 1. A 8.5% preference share sold at per. 2. A perpetual bond sold at per, coupan rate of interest being 7per cent. 3. A ten year, 8 per cent, Rs. 1000 per bond sold at Rs. 950 less 4 percent underwriting commission.   1
 
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