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- Accounting principleDefinition: The economic entity assumption is an accounting principle that states that all transactional data associated with a specific entity is assumed to be clearly attributed to the entity, and does not include other transactional data associated with the entity’s owners or business partners.www.myaccountingcourse.com/accounting-dictionary/economic-entity-assumption
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Unraveling the Economic Entity Assumption: Key to Financial …
WEBJan 7, 2020 · The economic entity assumption is one of the fundamental underlying assumptions used in accounting when preparing financial statements. The assumption is sometimes referred to as the business …
WEBMar 21, 2017 · Economic Entity Assumption. A business is an economic entity separate from the owner or owners, and so business records have to be kept separate from those of the owner (s) and of any other …
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