We've found 6 Business Entity Concept tests

Accounting Business Entity Concept Compliance With Laws And Regulations Direct Write Off Method Double Entry Accounting System Finance Financial Accounting
Financial Accounting I Final Exam – Flashcards 103 terms
Suzette Hendon avatar
Suzette Hendon
103 terms
Accounting Accounting 1 Business Entity Concept Finance Intermediate Accounting 1
Accounting Final Exam Study Guide Multiple Choice – Flashcards 18 terms
Bettina Hugo avatar
Bettina Hugo
18 terms
Accounting Assets And Liabilities Business Business Entity Concept Finance Financial Accounting Retained Earnings Statement Stockholders Equity
Chapter 1 – Introduction to Accounting and Business – Flashcards 31 terms
Daniel Jimmerson avatar
Daniel Jimmerson
31 terms
Accounting Business Entity Concept Finance Financial Accounting Profit And Loss Statement Stockholders Equity
ACCT. Test 1 T/F CH.1 – Flashcards 48 terms
Brandon Ruffin avatar
Brandon Ruffin
48 terms
Accounting Accounting 1 Business Entity Concept Finance Intermediate Accounting 1
accounting true and false – Flashcards 100 terms
Lewis Edwards avatar
Lewis Edwards
100 terms
Accounting Accounting 1 Business Entity Concept Finance Financial Accounting
Accounting II Practice Test Multiple Choice Part 1 ; 2 – Flashcards 55 terms
Ewan Knight avatar
Ewan Knight
55 terms
Business entity concept is important because
It limits economic data in the accounting system to data directly related to the activities of the business.
More test answers on https://studyhippo.com/intro-to-accounting-and-business-test-chapters1-3/
Emily owns three businesses: a dry cleaner, a market, and a candy store. The dry cleaner has revenue of $5,000; the market has revenue of $10,000; and the candy store has revenue of $7,000. Under the business entity concept, Emily should record
None of these choices are correct.
More test answers on https://studyhippo.com/chapter-1-introduction-to-accounting-and-business/
The business entity concept means that
the entity is an individual economic unit for which data are recorded, analyzed, and reported
More test answers on https://studyhippo.com/accounting-1-test-1/
Keeping personal and business records separate is an application of the business entity concept
Emily owns three businesses: a dry cleaner, a market, and a candy store. The dry cleaner has revenue of $5,000; the market has revenue of $10,000; and the candy store has revenue of $7,000. Under the business entity concept, Emily should record: A) $22,000 of revenue in her personal records. B) None of these choices are correct. C) $22,000 of revenue in the records of the market. D) $22,000 of revenue in the records of the dry cleaners.