Entity Assumption
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The entity assumption is one of the most basic accounting assumptions. According to this assumption, an organization is considered as a separate economic unit.
Consider the aspects of the entity assumption and respond to the following:
How far does the entity assumption hold true for a proprietorship and a family-controlled business?
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Solution Summary
This solution outlines what the entity assumption holds true for, as well as its variations; included are some examples and explanations.
Solution Preview
The entity assumption can hold true for proprietorships and family-controlled businesses because the owner still has the autonomy to report business income on a personal income tax return ...
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