According to the Entity Concept

Multiple Choice

According to the entity concept
I.each unit must keep separate records.
II.each unit reports the results of operations separate and apart from owners.
III.every unit is liable for tax on its income.
IV.each unit is classified as one of two basic entity types.
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A) Statements I and II are correct.
B) Statements II and III are correct.
C) Only statement IV is correct.
D) Statements I, III, and IV are correct.
E) Statements I, II, and IV are correct.