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Sagot :
The answer is Business Entity Assumption.
A business entity assumption is an accounting principle.
It is a term used to refer to declaring the separation of every financial record of the business from any of the financial records of its owners or that of other businesses.
In other words, we assume that the business has its own identity which is different from that of the owner or other businesses.
Hence, The accounting concept that requires every business to be accounted for separately from other business entities, including its owner or owners is known as the Business Entity Assumption.
Learn more about Accounting Principle:
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