In a One- Person Firm

question 19

Multiple Choice

In a one- person firm:

• A)ability determines effort.
• B)income depends on effort.
• C)financing depends on credit.
• D)effort is restricted by resources.

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Definitions:

Special Journals

Special journals are accounting tools used to record specific types of transactions in a more efficient manner, such as sales, purchases, cash receipts, and disbursements.

Monthly

Pertaining to or occurring once every month.

Daily

Daily refers to something done, occurring, or measured every day or each business day.

Inventory Column

A column in financial spreadsheets or ledgers that records the quantities and values of products a company has in stock.