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1.11 The accounting entity assumption is what assumes that a business entity exists separately from the financial affairs of its owner. For example in an accounts circumstance it is always assumed that the owner and the business are separate. As a result, the owner’s private financial affairs do not appear in the accounting records of the business. In the law’s perspective however, the business and the owner are not separate being therefore one entity. 1.12 A. The accounting entity assumption has been followed by Jane Farrow as her personal financial affairs do not appear in the accounting records of the business.
Approximate Word count = 373
Approximate Pages = 1.5
(250 words per page double spaced)
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