________ Was a Scottish Immigrant Who Built an Enormous Steel

question 54

Multiple Choice

________ was a Scottish immigrant who built an enormous steel company and became a renowned philanthropist.

• A) Andrew Carnegie
• B) Henry Ford
• C) John D. Rockefeller
• D) Thomas Edison

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Definitions:

Owner's Equity

The residual interest in the assets of the entity after deducting liabilities, representing what the owner has invested or kept in the business.

Proprietorship

A business structure owned by a single individual, where the owner and the business are legally treated as the same entity.

Accounting Principles

The standardized rules and guidelines that companies are required to follow when reporting financial data, ensuring consistency, reliability, and comparability of financial statements.

Owner's Equity

The residual interest in the assets of a company after deducting liabilities, representing the owners' share of the company’s assets.