Top Qs
Timeline
Chat
Perspective
Accounting entity
From Wikipedia, the free encyclopedia
Remove ads
An Accounting Entity[1] is simply an Entity for which accounting records are to be kept.
 | This article relies largely or entirely on a single source. (April 2025) |
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 two
Examples of accounting entities include corporations, clubs, trusts, partnerships and individuals.
Remove ads
References
Wikiwand - on
Seamless Wikipedia browsing. On steroids.
Remove ads