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An economic entity is one of the assumptions made in generally accepted accounting principles. Almost any type of organization or unit in society can be an economic entity. Examples of economic entities in accounting are hospitals, companies, municipalities, and federal agencies.
The "Economic entity assumption" states that the activities of the entity are to be kept separate from the activities of its owner and all other economic entities.
See also
References
- Jerry J. Weygandt (2019). Hospitality Financial Accounting. John Wiley & Sons. pp. 41–. ISBN 978-0-471-27055-3.
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This article needs additional citations for verification Please help improve this article by adding citations to reliable sources Unsourced material may be challenged and removed Find sources Economic entity news newspapers books scholar JSTOR December 2016 Learn how and when to remove this message An economic entity is one of the assumptions made in generally accepted accounting principles Almost any type of organization or unit in society can be an economic entity Examples of economic entities in accounting are hospitals companies municipalities and federal agencies The Economic entity assumption states that the activities of the entity are to be kept separate from the activities of its owner and all other economic entities See alsoPiercing the corporate veilReferencesJerry J Weygandt 2019 Hospitality Financial Accounting John Wiley amp Sons pp 41 ISBN 978 0 471 27055 3 This accounting related article is a stub You can help Wikipedia by expanding it vte
