Abiblo Finance - Accounting Entity Concept

​Accounting Entity Concept 
Accounting Entity Concept is also known as Separate Entity Concept or Entity Concept. It is the concept where the financial records are prepared as a distinct entity or unit which are separated from the individuals who own it. Most commonly this concept is applicable in incorporate company. However, the partnerships and sole trader accounts are being prepared in similar fashion to reflect the transactions of the business as a separate accounting entity.