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Forms of business organizations
Accountants habitually refer to a business organization as an accounting entity or a business entity. A business entity is some business organization such like a hardware store or grocery store that exists as an economic unit. For accounting purpose every business organization or entity has an existence separate from its owner(s), employees, creditors, customers and other businesses. This separate survival of the business organization is known as the business entity concept. Therefore in the accounting records of the business entity the activities of each business must be kept separate from the activities of other businesses and from the personal financial activities of the owner(s).
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Consignor is the person who is the holder of the goods and who distribute the goods to the consignee. Consignee is the person who takes the goods and he just possesses the goods
example of increase asset, decrease owner equity
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