An accounting concept that states that the business and the business owner are separate entities and should be accounted for separately.
What is the materiality concept?
An accounting concept that states that anything that may change a financial statement's user decisions about the company should be recorded or noted in its financial statements.
What is the industry practices constraint?
An accounting concept that states that some industries have unique aspects in their business operations that may allow them to depart from GAAP.
What is the going concern concept?
An accounting concept that states that businesses must be treated as if they are going to continue to exist for the foreseeable future.
