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Define accounting entities?

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 preetham asked over 2 years ago

Hi, What are accounting entities?

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6 Answers
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 acharya answered about 2 years ago

Once an accounting entity is determined, transactions within the specific unit are accounted.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 narahari answered over 2 years ago

Once established, a chart of accounts and accounting policies are created for an accounting entity, which form the basis for a separate system of accounting. Business transactions are then recorded in a general ledger that reflect the ongoing activities of the entity. The outcome of these recordation activities is financial statements that are specific to the accounting entity.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 CA Sandeep Bohra answered over 2 years ago

> Accounting Entities --A clearly defined economics unit that is accounted for separately. An accounting entity can be either a business or subdivision of a business that engages in economic activities, has economic assets and resources that must be accounted, and is separate from the personal dealings of its owners. --An accounting entity can be either a business or subdivision of a business that engages in economic activities, has economic assets and resources that must be accounted, and is separate from the personal dealings of its owners. --The business entity concept states that the transactions associated with a business must be separately recorded from those of its owners or other businesses. Doing so requires the use of separate accounting records for the organization that completely exclude the assets and liabilities of any other entity or the owner.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 jitendra etikala answered over 2 years ago

An accounting entity is a business for which a separate set of accounting records is maintained. The organization should engage in clearly identifiable economic activities, control economic resources, and be segregated from the personal transactions of its officers, owners, and employees. Examples of accounting entities are corporations, partnerships, and trusts. Once established, a chart of accounts and accounting policies are created for an accounting entity, which form the basis for a separate system of accounting. Business transactions are then recorded in a general ledger that reflect the ongoing activities of the entity. The outcome of these recordation activities is financial statements that are specific to the accounting entity. The accounting entity concept is used to establish the ownership of assets and obligation for liabilities, as well as to determine the profitability of a specific set of economic activities.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 veeru answered over 2 years ago

An accounting entity can be either a separate business or subdivision of a business that engages in economic activities, and has its own assets and resources that are accounted, and is separate from the personal dealings of its owners.

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Open uri20170510 32134 4ptgjl?1494421814 Harish Ojha answered over 2 years ago

An accounting entity can be either a separate business or subdivision of a business that engages in economic activities, and has its own assets and resources that are accounted, and is separate from the personal dealings of its owners. Once an accounting entity is determined, transactions within the specific unit are accounted.

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