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Jeff Brown is the sole owner of Shoe Central, a small shoe shop. One day, he buys a used car for his personal use, and pays $2,000 from his checkingaccount. The fact that this transaction has no effect on Shoe Central's financial accounts is an application of the:a. Materiality conceptb. Money measurement conceptc. Going concern conceptd. Entity concept

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Answer:

The correct answer is letter "D": Entity concept.

Explanation:

The Entity Concept is an accounting principle by which company owners are not allowed to record as business transactions those that do not belong to the operations of the firm. The company is seen as a whole single entity separate from whatever transactions its owners could make.

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