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- In accounting, an economic entity is one of the assumptions made in generally accepted accounting principles12. An economic entity is a unit separate from all other entities that has some financial activity1. The activities of the entity are to be kept separate from the activities of its owner and all other economic entities2. A proper economic entity will have to separate its transactions from the individuals within the firm, such as owners or managers1.Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.
An economic entity is a unit separate from all other entities — whether individual or a business — that has some financial activity. The term comes from accounting as many national accounting standards define entities based on the economic or financial activity conducted by the firm. A proper economic entity will have to separate its transactions from the individuals within the firm, such as owners or managers.
www.smartcapitalmind.com/what-is-an-economic-e…In accounting, an economic entity is one of the assumptions made in generally accepted accounting principles. Almost any type of organization or unit in society can be an economic entity. Examples of economic entities are hospitals, companies, municipalities, and federal agencies. The "Economic entity assumption" states that the activities of the entity are to be kept separate from the activities of its owner and all other...
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