The concept of the accounting entity often is considered to be the most fundamental of accounting concepts, one that pervades all of accounting.For each of the following, indicate whether the entity concept is applicable, discuss, and give illustrations to support your contention:

1. A unit created by or under law
2. The product-line segment of an enterprise
3. A combination of legal units
4. All the activities of an owner or a group of owners
5. The economy of the United States