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      Question

      Which concept states that a business is separate from

      its owner?
      A Going Concern Concept Correct Answer Incorrect Answer
      B Money Measurement Concept Correct Answer Incorrect Answer
      C Dual Aspect Concept Correct Answer Incorrect Answer
      D Business Entity Concept Correct Answer Incorrect Answer

      Solution

      Explanation: •The Business Entity Concept treats the business as separate from its owner. •The owner’s personal transactions should not be mixed with business transactions.

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