Which of the Following Are the Basic Elements of a Balance

question 53

Multiple Choice

Which of the following are the basic elements of a balance sheet?

• A)Income,expenses,profit/loss
• B)Operations,sales,growth
• C)Assets,liabilities,owner's equity
• D)Income,deductions,taxes
• E)Budgets,controls,plans

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Definitions:

Limited Liability Partnership

A type of business partnership where some or all partners have limited liabilities, meaning they are not personally responsible for the debts of the business.

Professional Partnership

A business structure where two or more professionals collaborate, sharing responsibilities, profits, and risks, typically in fields requiring a high level of training or expertise.

Negligence

The failure to take proper care in doing something, leading to damage or injury to others.

Business Plan

A formal document that outlines an organization's goals, strategies, target market, financial forecasts, and marketing plans, serving as a roadmap for business growth.