Multiple Choice
Which of the following is TRUE for a proprietorship?
A) A proprietorship has a single owner.
B) A proprietorship joins two or more individuals as co-owners.
C) The proprietor is not personally liable for the debts of the proprietorship.
D) A proprietorship has an indefinite life.
Correct Answer:
Verified
Correct Answer:
Verified
Q23: A business receives a bill for services
Q25: Phillip and Reed have developed a new
Q26: Accounting is the information system that measures
Q27: The relative proportion of economic resources and
Q29: The International Accounting Standards Board is made
Q30: A business settles a liability by making
Q31: Which of the following is an example
Q43: A creditor is a party that has
Q54: A business owner starts a new business
Q96: Equity decreases with expenses and revenues.