A sole proprietorship form of business has only one owner.\ Accountants normally recognize revenue when cash is received.\ The purpose of a balance sheet is to show the financial condition of an entity for a period of time.\ The accrual basis of accounting recognizes revenue when the performance obligation is satisfied and expenses when incurred (matching concept).\ The accrual basis needs numerous adjustments at the end of the accounting period.

1) A sole proprietorship form of business has only one owner. 2) Accountants normally recognize revenue when cash is received. (3) The purpose of a balance sheet is to show the financial condition of an entity for a period of time. (4) The accrual basis of accounting recognizes revenue when the performance obligation is satisfied and expenses when incurred (matching concept). (5) The accrual basis needs numerous adjustments at the end of the accounting period. 1) A sole proprietorship form of business has only one owner. 2) Accountants normally recognize revenue when cash is received. (3) The purpose of a balance sheet is to show the financial condition of an entity for a period of time. (4) The accrual basis of accounting recognizes revenue when the performance obligation is satisfied and expenses when incurred (matching concept). (5) The accrual basis needs numerous adjustments at the end of the accounting period