A Business That Operates for No Profit Is Known as a __________

question 22

Short Answer

A business that operates for no profit is known as a __________ foodservice operation.

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Definitions:

Separate Entity Assumption

Business transactions are separate from the transactions of owners.

Liabilities

Obligations owed by a business to individuals or other entities, ranging from loans and mortgages to accounts payable.

Continuity Assumption

An accounting principle that assumes the business will continue operating indefinitely, not being forced to cease operations or liquidate.

Foreseeable Future

A time period in which an event or action is predicted or expected to occur.