Question

The accounting concept which relates to separating the reporting of business economic transactions and personal economic transactions is:_________

Answer 1

The accounting concept which relates to separating the reporting of business economic transactions and personal economic transactions is Business Entity Concept.

An organization transaction needs to have the following characteristics: It ought to be for a sum positive in cash (i.e., of an economic fee) It ought to be supported through a source file (e.g. income invoice, dependable receipt, disbursement voucher, remittance recommendation, and so on.) It has to have a -fold effect on the factors of accounting.

In accounting, a transaction in any monetary business enterprise occasion influences an agency's economic statements. because transactions consist of any event that has a financial impact on your economic facts, there are quite a few gadgets that are transactions. based mostly on the trade of cash, there are 3 kinds of accounting transactions, mainly cash transactions, non-cash transactions, and credit transactions.

Learn more about transactions here: brainly.com/question/1016861

#SPJ4