What did you mean by Entity concept / Separate?

Entity Concept is also known as Separate Concept

In accounting business is consider to be a separate entity from personal one. It is something that exists separately from other things and has a clear identity of its own. This concept extremely helpful in keeping business affairs strictly.

Going concern concept

According to this concept business has no fixed life time, means business can alive for unlimited period. Until the business going to the liquidation or any legal matter, because can continue works successfully.

Dual Aspect concept

According to this concept every valid business transactions has dual effect we find two sides or accounts of every financial transactions, one is debit and another is credit side. Actually business has two sides one is assets and another liabilities.

Cost Concept

According to this concept as assets value will be recorded which amount paid to accrue this assets. This cost is the basic for all subsequent accounting for the assets. That means the accounting for the assets.

Accounting Period Concept

This concept is related with going concern concept. According to this concept life of a business is divided into appropriate segment for studying the results in account books after is each segment. This segment A/c helps to know the business position, tax position, assets position , liabilities position and any other comparative job. This segment is mainly a financial year like 1^st April / to 31^st March.