Results for: accounting-entity

What is economic entity assumption?

Economic entity assumption is an assumption under the Generally Accepted Accounting Principles that separates the stakeholders from the business itself. The business is its own entity. Economic entity assumption is an assumption under the Generally Accepted Accounting Principles that separates… Full Answer

Why government need accounting?

Any entity that deals with money has to have some form of accounting. The government is no exception. Accounting tracks money that comes in and goes out of an entity. There is accounting in all government departments, this keeps track… Full Answer