Acct 2101 exam 1 ch 1 4 Study guides, Class notes & Summaries

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ACCT 2101 Exam 1 (CH 1-4) Question Fully Solved Graded A+.

ACCT 2101 Exam 1 (CH 1-4) Question Fully Solved Graded A+.
Exam (elaborations) • 14 pages • 2024
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Sole Proprietorship - correct answer a business owned by one person. The business is a separate entity for accounting purposes. However, a proprietorship is not a separate legal entity from its owner. Partnership - correct answer a business owned by two or more people, called partners, who are jointly liable for tax and other obligations. Like a proprietorship, no special legal requirements must be met in starting a partnership. The only requirement is an agreement bet...