A Sole Trader Is

question 1

Multiple Choice

A sole trader is:

• A)Entitled to business profits but not responsible for business losses.
• B)The owner of a business that is a legal entity separate from its owner.
• C)Personally liable for business debts and losses.
• D)Jointly and severally liable for business losses.

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Definitions:

Fire Screens

Protective devices placed in front of fireplaces to prevent sparks and embers from escaping into the room.

Average Cost Method

An inventory costing method where the cost of goods sold and ending inventory is determined based on the average cost of all similar items in inventory.

Ending Inventory

The aggregate worth of a corporation's goods, raw materials, and both completed and in-progress items that remain unsold at the conclusion of a financial period.

Brown Bears

A species of bear noted for its varying sizes and colors, found in parts of North America, Europe, and Asia.