If No Other Form of Business Organization Is Chosen While

question 61

True/False

If no other form of business organization is chosen while obtaining a license, the business is by default a sole proprietorship.

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Definitions:

Sales

Transactions where goods or services are provided in exchange for payment.

Accounting Cycle

The process of recording and processing all financial transactions of a company, from when the transaction occurs, to its inclusion in the financial statements.

Merchandising Company

A business entity that purchases finished products and sells them to consumers without changing the form or nature of the goods.

Service Company

A business that generates revenue through the provision of services rather than selling physical products.