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Question 3 of 45 00:05:14 Which of the following situations is an example of a proper application of the entity concept in accounting? O A company uses third party vendors to provide many central business functions such as bookkeeping and payroll O A company only records the transactions of the business in its financial records, not the personal transactions of the owners of the business O A company transitions itself from a limited liability partnership to a limited liability company to take advantage of certain tax benefits. O A company that previously used different depreciation methods on different classes of assets begins to use straight-line depreciation for all assets. SAVE SUBMIT Question 3 of 45