business entity concept
noun[S]
ACCOUNTINGukustheideathat inaccounting(= theworkofpreparingfinancialrecords)abusinessororganizationiscompletelyseparatefrom thepersonalbusinessof thepeoplewho own it orworkin it:
Thebusinessentityconceptrequiresaccountantstotreatallbusinessesas seperate.