The business entity principle requires that:

a. All businesses must define their scope and establish a corporate vision

b. Financial statement users can safely assume the statements reflect a business that is going to continue its operations at least 12 months into the future

c. Information presented by a business must be comparable, verifiable, timely, and understandable

d. Each separate economic entity or business of the owner must keep accounting records apart from those of the owner and any company owned by the owner