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Graph the inequality.
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Economic Entity Assumption
An accounting principle that assumes a company and its owners are separate entities for recording and reporting financial transactions.
Basic Assumption
Fundamental principles underlying the preparation of financial statements, typically including economic entity, going concern, monetary unit, and periodic reporting.
Corporate Form
The structure of a corporation, recognized by law as a single entity separate from its owners, with its own rights, privileges, and liabilities.
Economic Entity Assumption
This accounting principle assumes that a company's financial activities are distinct from those of its owners or other businesses.
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