Economic entity

In today's world, Economic entity has become an increasingly relevant topic of interest in different areas. Whether in the personal, professional, academic or political sphere, Economic entity has generated a great impact and has sparked debate and reflection among experts and society in general. Its influence ranges from culture to technology, including the economy and the environment. In this article, we will explore how Economic entity has transformed and continues to transform the world we live in, as well as its short- and long-term implications.

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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.^[1]

See also

• Piercing the corporate veil

References

1. ^ Jerry J. Weygandt (2019). Hospitality Financial Accounting. John Wiley & Sons. pp. 41–. ISBN 978-0-471-27055-3.

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