Economic entity

Short description: Concept in accounting

Part of a series on

Accounting

* Historical cost
* Constant purchasing power
* Management
* Tax

Major types

* Audit
* Budget
* Cost
* Forensic
* Financial
* Fund
* Governmental
* Management
* Social
* Tax

Key concepts

* Accounting period
* Accrual
* Constant purchasing power
* Economic entity
* Fair value
* Going concern
* Historical cost
* Matching principle
* Materiality
* Revenue recognition
* Unit of account

Selected accounts

* Assets
* Cash
* Cost of goods sold
* Depreciation / Amortization
* Equity
* Expenses
* Goodwill
* Liabilities
* Profit
* Revenue

Accounting standards

* Generally-accepted principles
* Generally-accepted auditing standards
* Convergence
* International Financial Reporting Standards
* International Standards on Auditing
* Management Accounting Principles

Financial statements

* Annual report
* Balance sheet
* Cash-flow
* Equity
* Income
* Management discussion
* Notes to the financial statements

Bookkeeping

* Bank reconciliation
* Debits and credits
* Double-entry system
* FIFO and LIFO
* Journal
* Ledger / General ledger
* T accounts
* Trial balance

Auditing

* Financial
* Internal
* Firms
* Report

People and organizations

* Accountants
* Accounting organizations
* Luca Pacioli

Development

* History
* Research
* Positive accounting
* Sarbanes–Oxley Act

* v
* t
* e

An economic entity is one of the assumptions made in generally accepted accounting principles. Almost any type of organization or unit in society can be an economic entity. Examples of economic entities in accounting are hospitals, companies, municipalities, and federal agencies.

The "Economic entity assumption" states that the activities of the entity are to be kept separate from the activities of its owner and all other economic entities.[1]

## See also

* Piercing the corporate veil

## References

1. ↑ Jerry J. Weygandt (2019). Hospitality Financial Accounting. John Wiley & Sons. pp. 41–. ISBN 978-0-471-27055-3. https://books.google.com/books?id=catRNEJlcV4C&pg=PA41.

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