Economic entity

This article needs more citations. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed.
Find sources: "Economic entity" – news · newspapers · books · scholar · JSTOR (December 2016) (Learn how and when to remove this message)

Accounting
Part of a series on

Constant purchasing power Historical cost Management Tax
Major types Audit Budget Cost Forensic Financial Fund Governmental Management Social Tax
Key concepts Accounting period Accrual Constant purchasing power Economic entity Fair value Going concern Historical cost Matching principle Materiality Revenue recognition Unit of account
Selected accounts Assets Cash Cost of goods sold Depreciation / Amortization (accounting) Equity Expenses Goodwill Liabilities Profit Revenue
Accounting standards Generally-accepted principles Generally Accepted Auditing Standards Convergence International Financial Reporting Standards International Standards on Auditing Management Accounting Principles
Financial statements Annual report Balance sheet Cash-flow Equity Income Management discussion Financial statement analysis
Bookkeeping Bank reconciliation Debits and credits Double-entry system FIFO and LIFO Journal Ledger / General ledger Trial balance
Auditing Financial Internal Firms Report Sarbanes–Oxley Act
People and organizations Accountants Accounting organizations Luca Pacioli
Development History Research Positive accounting Sarbanes–Oxley Act
Misconduct Creative Earnings management Error account Hollywood Off-balance-sheet Two sets of books
v t e

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]

References

[edit]

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

This accounting-related article is a stub. You can help Wikipedia by adding missing information.

A page that knows where it met you.

See also

References