<P> In accounting, a business or an organization and its owners are treated as two separately identifiable parties . This is called the entity concept . The business stands apart from other organizations as a separate economic unit . It is necessary to record the business's transactions separately, to distinguish them from the owners' personal transactions . This helps to give a correct determination of the true financial condition of the business . This concept can be extended to accounting separately for the various divisions of a business in order to ascertain the financial results for each division . </P> <P> "The entity view holds the business' enterprise to be an institution in its own right separate and distinct from the parties who furnish the funds" </P>

When is a business considered an entity separate from its owner
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