Which of These Refers to an Unincorporated Business Owned by an Individual

question 121

Multiple Choice

Which of these refers to an unincorporated business owned by an individual for profit?

• A) Partnership
• B) Sole proprietorship
• C) Corporation
• D) Association
• E) Trade alliance

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Definitions:

Petty Cash System

A method for managing small, daily operational expenses through a readily accessible cash fund, requiring regular replenishment and accounting.

Cash Payments

Transactions involving the transfer of cash from one party to another, often in exchange for goods or services.

Journal Entries

The method of recording financial transactions where each transaction is noted in two accounts in the ledger to maintain the accounting equation's balance.

Bank Reconciliation

The process of matching the balances in an entity's accounting records for a cash account to the corresponding information on a bank statement, to ensure accuracy and completeness of the records.