The concept or principle that separates the business from the owners of the business for accounting purposes is called the: Group of answer choices going concern principle. accounting entity concept. monetary principle. accounting period concept.

Identify if the following statement is true or false -  The separate entity accounting principle recognises that the owner’s finances are separate to those of the business and therefore business transactions should be recorded separately.*1 pointTRUEFALSE

The accounting period concept states that: Group of answer choices the business will remain in operation for the foreseeable future. the life of a business can be divided into artificial time periods. every business entity can be separately identified and accounted for. only those events that can be expressed in money may be included in the accounting records.

The conceptual framework of accounting defines the elements of the financial statementsGroup of answer choicesTrueFalse

Which is a purpose of the Conceptual Framework?Group of answer choicesTo assist all parties to understand and interpret the StandardsTo assist the IASB to develop IFRS based on consistent conceptsTo assist preparers to develop consistent accounting policy when no Standard applies to a particular transaction or when Standard allows a choice of accounting policyAll of these can be considered a purpsoe

Positive accounting theory suggests that the separation of ownership and control within an entity means managers, as agents, are likely to act:   Reading required:            Learning objective 2.4.2 on page 54Group of answer choicesin their own interests.in the interests of the directors.in the interests of the debtholders.in the interests of the shareholders.