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Financial Accounting MCQs

What is the economic entity assumption?

Requires that activities of the bookkeeper be kept separate and distinct from the activities of its owner and all other economic entities

Requires that activities of the entity be kept separate and distinct from the activities of its owner and all other economic entities

Requires that activities regarding payroll be kept unified and combined with the activities of its owner and all other economic entities

Requires that activities of the entity be kept unified and combined with the activities of its owner and all other economic entities

Requires that activities regarding payroll be kept separate and distinct from the activities of its owner and all other economic entities

Answer

Correct Answer: Requires that activities of the entity be kept separate and distinct from the activities of its owner and all other economic entities

Explanation:

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