corporation like General Electric has many own- ers (stockholders). Which concept enables the accountant to account for transactions of General Electric separate and distinct from the personal transactions of the owners of General Electric ebra Company has incurred substantial financial losses in recent years. Because of its financial condition, the ability of the company to keep operating is in question. Management prepares a set of financial statements that con- form to generally accepted accounting principles. Comment on the use of GAAP under these conditions