Business Entity concept

May 19th, 2015
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Norwich University
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The business entity concept holds that a business is a separate entity from its owner or owners, whatever the legal status of the enterprise may be.

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What is Capital Account?The amount of cash goods or any other asset which is bringby owner of company while starting the business with cash or furniture.What is drawing?Drawing is an amount withdrawn by businessman or owner ofcompany for his personal use,For example: - Goods withdrawn for personal useWhat is a debtor?A person who owes something is called as debtor, Debtormeans account receivable,For example: - A businessman sales goods on credit basis toMr. Sunil, in this case Sunil is debtor of company.What is Creditor?A person to whom something owing is called as creditor,Creditor means account payable,For example:- From Anil, Business have purchased goods oncredit that Anil is Creditor of company.What is Capital expenditure?Capital expenditure is such an expenses paid for purchase oflong term asset which is use fo

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