Accounting entity
Introduction An '''Accounting Entity''' is simply an Entity for which accounting records are to be kept.The main requirements for something to be considered an "accounting entity" are:* It can own property the value of which can be measured in financial terms* It can incur debts or liabilities which can also be measured in financial terms* It can therefore be assigned a value for its net worth or solvency which is the difference between the twoExamples of accounting entities include corporations, clubs, trusts, partnerships and individuals.
References Elaiza 2020