Which Type of Business May Be Owned by One Individual

question 72

Multiple Choice

Which type of business may be owned by one individual?

• A)corporation
• B)sole proprietorship
• C)partnership
• D)both a sole proprietorship and a corporation

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Definitions:

Adjusting Entries

Journal entries made in accounting to update the records for accruals and deferrals that have not been recorded through regular financial transactions.

Calendar-year

A one-year period that starts on January 1 and ends on December 31, used in financial reporting and tax calculations.

Promissory Note

A financial document representing a promise to pay a specified sum of money to the holder at a future date or upon demand.

Payee

is the party in a financial transaction who receives the payment.