An Unincorporated Business Organization with a Sole Owner Is Legally

question 47

True/False

An unincorporated business organization with a sole owner is legally known as a sole proprietorship.

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Definitions:

Face Value

The nominal or dollar value printed on a bond, note, or other financial instrument.

Bond Sinking Fund

A fund set aside by a corporation to repay bonds at maturity, ensuring the security of the bondholders' investment.

Bonds Payable

A long-term liability account that represents the amount a company owes to bondholders.

Accrued Interest

Interest that has accumulated over time but has not yet been paid by the borrower.