Which of the Following Is NOT Typically Associated with the Public

question 46

Multiple Choice

Which of the following is NOT typically associated with the public ownership of business organizations?

• A) the state
• B) the government
• C) families
• D) civil society

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Definitions:

Prepaid Insurance

An asset account representing insurance payments made in advance of the coverage period, recognized as an expense over time.

Insurance Payable

A liability account that represents amounts owed for insurance premiums that are due but not yet paid.

Proprietorship

A business owned by one individual.

Drawing

Drawing refers to the withdrawal of cash or other assets from a company by the owner(s) for personal use, decreasing the owner's equity in the business.