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Which of the following statements is true of observational data?
Proprietorship
Proprietorship, also known as a sole proprietorship, is a business owned and operated by one individual, where there is no legal distinction between the owner and the business entity.
Personal Assets
Assets owned by an individual, including property, cash, and investments, that are not associated with any business activities.
Total Liabilities
The sum of all financial obligations or debts that a company has incurred and is responsible for repaying.
Owner's Equity
The residual interest in the assets of a company after deducting liabilities, representing the ownership stake of the company's shareholders or owner.
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