Q.
1
Assertion (A): Personal transactions of the owners of the business are not recorded in the books.
Reasoning (R): According to the business entity concept, each business enterprise is considered as an accounting until separate from owners.
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A
Both (A) and (R) are correct and (R) is the correct explanation of (A)
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B
Both (A) and (R) are correct but (R) is not the correct explanation of (A)
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C
(A) is correct but (R) is not correct
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D
(A) is wrong but (R) is correct