___ is been called as language of business. ii. _____ involves the preparation of financial statements (P & L A/C and Balance Sheet). v. Business is considered as a separate and di... ___ is been called as language of business. ii. _____ involves the preparation of financial statements (P & L A/C and Balance Sheet). v. Business is considered as a separate and distinct from owner is _____ concept.
Understand the Problem
The question is asking about concepts related to business language, financial statements preparation, and business ownership concepts. It requires identifying correct terms or definitions relevant to accounting and business principles.
Answer
iii. Accounting, iv. Summarizing, v. Separate Entity
The final answer is: iii. Accounting, ii. Summarizing, v. Separate Entity.
Answer for screen readers
The final answer is: iii. Accounting, ii. Summarizing, v. Separate Entity.
More Information
Accounting is known as the language of business, financial statements are summarized for clarity, and the separate entity concept distinguishes the business from its owner.
Tips
Confusing 'recording' with 'summarizing' is common. Ensure clarity in the differences between these accounting processes.
Sources
- Why Accounting is called the Language of Business - SCI - scitexas.edu
- [PDF] Introduction to Financial Accounting - Dr. Nishikant Jha - drnishikantjha.com
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