ACCOUNTING ENTITY ASSUMPTION Definition

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

PURCHASE RETURNS is a contra purchase account that records all credits from returned inventory purchases.

NPPE is Net Property, Plant and Equipment.

Suggest a Term

Enter Search Term

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

Purchase and download Glossary
Only $9.95