The Most Common Form of Business Organization in the United

question 84

True/False

The most common form of business organization in the United States is the sole proprietorship.

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Definitions:

Accrued Wages

Refers to wages earned by employees but not yet paid by the employer.

Reversing Entry

An accounting entry that is made at the beginning of an accounting period to reverse or cancel out adjusting entries made at the end of the previous period.

Reversing Entries

Journal entries made at the beginning of an accounting period to reverse or cancel out adjusting entries made at the end of the previous period.

Adjusting Entries

Bookkeeping adjustments made before the preparation of financial statements to account for accruals and deferrals not recorded through daily transactions.