Instructions: Identify the Following Terms

question 66

Short Answer

Instructions: Identify the following terms.
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Definitions:

Partnership Assets

Resources or items of value owned by a partnership that are used in the operation of the business.

Chart of Accounts

A structured list of all the financial accounts used in the organization's general ledger.

Drawing and Capital Accounts

These refer to accounts used in partnerships and sole proprietorships where the 'drawing account' tracks withdrawals made by the owner(s) for personal use, and the 'capital account' tracks the owner's invested equity and retained earnings in the business.

Sole Proprietorship

A sole proprietorship is a business owned and operated by a single individual, where there is no legal distinction between the owner and the business entity.