BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -The majority of business in Australia is transacted by: sole traders.

Detailed explanation-2: -The accounting entity concept (or entity concept or separate entity concept) is the principle that financial records are prepared for a distinct unit or entity regarded as separate from the individuals that own it.

Detailed explanation-3: -The economic entity principle is a foundational concept in accounting that requires business entities to be treated as separate legal and financial entities. This means that all financial transactions of the company should be recorded separately from those of the owner.

Detailed explanation-4: -What is the Accounting Period Concept? Accounting period concept is based on the theory that all accounting transactions of a business should be divided into equal time periods, which are referred to as accounting periods.

Detailed explanation-5: -An example is a sole trader or proprietorship. The sole trader takes money from the business by way of ‘drawings’, money for their own personal use.