Question
One of the fundamental assumptions in accounting is the Separate Entity Assumption (see Ch 1 p. 8 of the textbook for the definition. ) Following
One of the fundamental assumptions in accounting is the "Separate Entity Assumption" (see Ch 1 p. 8 of the textbook for the definition. )
Following this assumption, and assuming you operate a restaurant in Downtown, Calgary, provide TWO examples of items/transactions that should NOT appear in the restaurant's accounting records. Briefly explain why.
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College Accounting A Practical Approach
Authors: Jeffrey Slater, Debra Good
14th Canadian Edition
0135222419, 978-0135222416
