ENTITY THEORY Definition

ENTITY THEORY is where a legal entity is regarded as having a separate existence from the owners. The financial statements are prepared from the perspective of the entity, not its owners. See PROPRIETARY THEORY.

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MEAN is the measure of central tendency; also called the average. It is calculated by the sum of the data points divided by the number of data points.

MANAGEMENT is those in charge of running a business or in the act of managing something.

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