Examlex
Which of the following statements is TRUE regarding majority groups?
Proprietorship
A business owned and operated by a single person, making it the simplest form of business ownership.
Business Owned
Refers to entities such as companies or enterprises that are possessed and controlled by one or more persons or other businesses.
Economic Entity Assumption
An accounting principle that treats a business as separate from its owners, allowing for independent financial statements.
Personal Living Expenses
Costs associated with daily living, including food, housing, transportation, and entertainment.
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