sed when you submit. Correct answers will be available after the deadline. Question 1 1 pts The business entity assumption means that an entity is organized according to the rules set by the FASB the entity is an individual economic unit for which data are recorded, analyzed, and reported the owner is part of the business entity an entity is organized according to state or federal statutes Question 2 1 pts Debts owed by a business are referred to as expenses O liabilities accounts receivables stockholders' equity SEP 2 12 tv