Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

In which of the following financial statements would a retained earnings account be found? Select one: a. Sole trader. b. Company. c. Partnership. d. None

In which of the following financial statements would a retained earnings account be found?

Select one:

a. Sole trader.

b. Company.

c. Partnership.

d. None of the options shown would contain a retained earnings account.

A partnership of three siblings would have how many capital accounts in the equity section of the balance sheet?

Select one:

a. One.

b. Two.

c. Three.

d. None.

Which of the following is an advantage of being a sole trader?

Select one:

a. The owner has total autonomy over business decisions.

b. The business is not a separate legal entity.

c. The owner has unlimited liability.

d. The business has limited life.

Partnerships should always have a Partnership Agreement in place to avoid potential disagreements.

Select one:

True

False

If a partner in a partnership decides to leave or retire from the business, the partnership can continue on with no disruption or administrative changes.

Select one:

True

False

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Electronics Data Processing Systems

Authors: WATNE

1st Edition

0130516163, 978-0130516169

More Books

Students also viewed these Accounting questions

Question

Formulating a logical plan of attack is part of the + step

Answered: 1 week ago

Question

Define Management by exception

Answered: 1 week ago

Question

Explain the importance of staffing in business organisations

Answered: 1 week ago

Question

What are the types of forms of communication ?

Answered: 1 week ago