For a Sole Proprietorship, the Usual Ordering of Accounts in the General

question 130

Multiple Choice

For a sole proprietorship, the usual ordering of accounts in the general ledger is

• A) assets, liabilities, owner's capital, drawings, revenues, and expenses.
• B) assets, liabilities, drawings, owner's capital, expenses, and revenues.
• C) liabilities, assets, owner's capital, revenues, expenses, and drawings.
• D) owners' capital, assets, liabilities, drawings, expenses, and revenues.

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Definitions:

Binary Variable

A variable that has only two possible values, often represented as 0 and 1, used to denote presence or absence, success or failure, and similar dichotomies.

Optimal Solution

The most efficient, effective, or desirable solution to a problem or the best decision given the constraints.

Total Cash

The overall amount of liquid assets available to an individual or organization.

Price/demand Elasticity

A measure of how much the demand for a product changes in response to a change in its price.