Which of the Following Is not a Method of Carrying

question 28

Multiple Choice

Which of the following is not a method of carrying on business?

• A) Sole proprietorship
• B) Joint venture
• C) Partnership of corporations
• D) Partnership

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Definitions:

Liability Accounts

Accounts that represent amounts owed to others, including loans, accounts payable, and mortgages.

Depreciation

The process of allocating the cost of a tangible asset over its useful life, recognizing the consumption, wear and tear, or obsolescence of physical or fixed assets used in operations.

Tax Return

A form filed with a government body declaring liability for taxation, containing details of income earned and taxes owed.

Financial Statement

A formal record of the financial activities and position of a business, person, or other entity, often including a profit and loss statement, balance sheet, and cash flow statement.