The Oldest and Simplest Form of Business Organization Is The

question 75

Multiple Choice

The oldest and simplest form of business organization is the:

• A) joint venture
• B) limited partnership
• C) syndicate
• D) cooperative
• E) proprietorship

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Definitions:

Work In Process Inventory

Goods that are in the production process but have not yet been completed; it's an inventory account that includes materials, labor, and overhead costs incurred for products that are not yet finished.

Cost System

An accounting framework used for recording, tracking, and managing costs associated with a company's operations, products, or services.

Processing Department

A segment within a factory where a particular process, phase of production, or type of operation is carried out.

Work In Process

Units of product that are only partially complete and will require further work before they are ready for sale to the customer.