ACCOUNTING ENTITY ASSUMPTION Definition

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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.

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EFFECTIVE TAX RATE is the net rate a taxpayer pays on income that includes all forms of taxes. It is calculated by dividing the total tax paid by taxable income.

SUPERANNUATION is a. the act of discharging someone because of age (especially to cause someone to retire from service on a pension) or, b. a monthly payment made to someone who is retired from work.

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