ACCOUNTING ENTITY ASSUMPTION Definition

Bookmark and Share

ACCOUNTING ENTITY ASSUMPTION states that a business is a separate legal entity from the owner. In the accounts the business' monetary transactions are recorded only.

Learn new Accounting Terms

OPEN ALLOTMENT is where there is no restriction as to an amount that may be taken from that which is being allotted.

REPORTABLE SEGMENT is a business segment or geographical segment for which IAS 14 requires segment information to be reported.

Suggest a Term

Enter Search Term

Enter a term, then click the entry you would like to view.