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what is the purpose of the separate legal entity for accounting?
The purpose of a separate legal entity in accounting is to establish that the organization's transactions are recorded separately by the accountant. [ Even if the shareholders are the owners of the business and the management looks after the business, their personal expenses are different from those of the organization. The business transactions are recorded as an entirely separate unit. This separation of the expenses is a part of the accounting ethics and is also necessary for smooth functioning of the organization. The accounting entity assumption is that the income and expenses of the
organization should be kept separate from the personal expenses because the business conducts its own financial dealings and prepares financial statements to record the same. Read more at Buzzle: ]
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Asked 11/1/2013 11:29:49 AM
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