That personal and business record keeping should be separately maintained. (select an option)
a. expense recognition principle
b. full disclosure principle
c. economic entity assumption
d. going concern assumption

c. Economic entity assumption

Explanation:

There are various assumptions and principles out of which few are given below:

1. Expenses recognition principle: According to this, the expenses of a particular year would be recorded on that year itself as the sale is recorded for the particular year

2. Full disclosure principle: According to this, all the important information should be disclosed by the company which can change the decisions of the users of the company

3. Economic entity assumption: According to this, the business activities or record keeping should be separate from its owners, shareholders, etc.

4. Going concern assumption:  According to this, the business should be run for a longer time or forever. It will keep the business in running and there is no intention to closed or liquidate it.

In the given situation, the most appropriate option is c.

answer; the above statement/question is ( true);