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Cash account defin - Study guides, Class notes & Summaries

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Unit 1.0 Fundamentals of Accounting and Bookkeeping Questions and Correct Answers

  • Unit 1.0 Fundamentals of Accounting and Bookkeeping Questions and Correct Answers

  • Exam (elaborations) • 4 pages • 2024
  • Unit 1.0 Fundamentals of Accounting and Bookkeeping Proprietorship / Sole Prop - Answer- A business owned by one person. Simplest structure and not separate from its owner for legal purposes Partnership - Answer- Business owned by two or more persons, the owners are called partners. Not a separate legal entity. Profit/Loss "Pass through" to owners. Corporation - Answer- Business organized as a separate legal entity Limited Liability Company "LLC" - Answer- Separate Business and l...
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