Which of the following statements is incorrect?
Select one:
a.
The income and expenses of the business enterprise affect the owner’s equity.
a. The income and expenses of the business enterprise affect the owner’s equity.
b.
The owner’s equity increases as a result of additional investments and net income of the business.
b. The owner’s equity increases as a result of additional investments and net income of the business.
c.
Under the business entity principle, the owner and the business that he formed are considered as one inseparable entity.
c. Under the business entity principle, the owner and the business that he formed are considered as one inseparable entity.
d.
The owner’s equity represents the claim of the owner over the assets of the business.