Match the Type of Business with Their Characteristics Below

Short Answer

Match the type of business with their characteristics below.
Type of Business
A. Corporation
B. Partnership
C. Sole proprietorship
D. Partnership and sole proprietorship Characteristic
____ 1. Uses withdrawal accounts or drawing accounts.
____ 2. Uses owner capital accounts.
____ 3. Uses retained earnings account.
____ 4. Uses a dividends declared account.
____ 5. Uses a profit ratio to allocate earnings among the owners.
____ 6. Requires a charter.
7. Issues share certificates.
____ 8. Has only one owner.
9. Has a board of directors.
___ 10. Involves more than one owner but has no charter.