Company ALPHA follows all the accounting principles and conventions to prepare their financial statements so as to produce an effective and standardized financial information to the users. 1. If the business is treated to have a separate entity when compared to its owners, it is called: (1 Mark) 2. If the company is assumed to continue for an indefinite time period in the future, it is said to follow: (1 Mark) Business started with cash OMR 20,000. In this case the journal entry will be