What does business entity concept mean?

business entity concept meaning in Law Dictionary

the style that assumes that bookkeeping applies to individual economic units hence each unit is split and distinct from the persons who provide its possessions.

business entity concept meaning in Business Dictionary

your bookkeeping records mirror the economic tasks of a specific business entity, split and distinct through the those who finance it or operate in it. Its the 'ground principles' of bookkeeping, see accounting concepts for others.