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

True More test answers on https://studyhippo.com/accounting-true-or-false/

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.

B More test answers on https://studyhippo.com/final-review-ch-1/

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