Which of the statements given below are correct? 1. The author of 'My Country My Life' is L.K Advani. 2. 'Wings of Fire' is an Autobiography of Subhash Chandra. 3. The author of 'The Great Indian Novel' is Shashi Tharoor.
The Business Entity concept is also called as Separate Entity or Economic Entity concept. This concept states that the transactions and all the balances related or associated with a business must be recorded or accounted separately from other businesses or the individual personal transactions.