accounting entity

Definition

Clearly defined economic unit which (1) engages in identifiable economic activities, (2) controls economic resources (for which accounting records are maintained and periodic financial statements are prepared) and (3) is distinct from the personal dealings of its owners or employees. To ensure that the fundamental accounting equation always refers to the same distinct entity the boundaries of the unit, once established, must not be changed arbitrarily. Also called reporting entity.

单词	accounting entity
释义	accounting entity Definition Clearly defined economic unit which (1) engages in identifiable economic activities, (2) controls economic resources (for which accounting records are maintained and periodic financial statements are prepared) and (3) is distinct from the personal dealings of its owners or employees. To ensure that the fundamental accounting equation always refers to the same distinct entity the boundaries of the unit, once established, must not be changed arbitrarily. Also called reporting entity.
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