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What does business-entity assumption mean?

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business-entity assumption
Noun

The accounting concept that considers the personal assets of a firm’s owners to be separate and distinct from the business entity’s assets, it applying to all legal forms of business (i.e., sole proprietorships, partnerships and corporations).

Synonym(s): 
  • business entity concept; business-entity concept; economic entity assumption; economic entity concept; economic-entity concept.
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