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eBook Question Content Area It is necessary to distinguish between business assets and liabilities and non business assets and liabilities of a single proprietor because,

eBook Question Content Area It is necessary to distinguish between business assets and liabilities and non business assets and liabilities of a single proprietor because, according to the business entity concept, non business assets and liabilities are in the business entity's accounting records. These allow the owner to make decisions based on the financial condition and results of the business apart from non business activities

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