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Answer Posted / shabu
In accounting,business is treated as a separate entity from its owners.accounts are prepared to give information about the business and not those who own it.A distinction is made between business transactions and personal transactions and also between business property and personal property of of the owners.The business entity concept is necessary to ascertain the results of business operations.In case,the private and business transactions are not segregated,it will not be possible to determine true profitability of the concern.
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