Question

Which accounting principle requires to keep personal financial information separate from the financial information of Bogswell Legal Services

Answer 1

The accounting principle of business entity principle  that personal financial information be kept separate from Bogswell Legal Services' financial information.

The owner of the entity and the entity itself are regarded two independent elements under the business entity concept. This law normally applies to corporations registered with the government. In such a setup, all data filings will be done separately for both the owner and the entity.

The business entity concept in accounting raises the owner's responsibilities anytime corporate capital is used for personal purposes. It holds the company and its owner accountable for their respective financial commitments. This idea also applies to business owners who own many enterprises.

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