Which of the Following Is NOT Considered a Weakness of the Sole

question 10

Multiple Choice

Which of the following is NOT considered a weakness of the sole proprietorship?

• A) Limited life
• B) Unlimited personal liability
• C) Simplicity
• D) Limited access to capital

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Definitions:

General Journal

A primary accounting record used to record all types of transactions before they are posted to the specific accounts in the ledger.

General Ledger

The main accounting record of a business that uses double-entry bookkeeping, which contains all the financial accounts and transactions of the company.

Subsidiary Ledgers

Detailed records that contain information about specific accounts, such as accounts receivable or payable, that support the summarized data in the general ledger.

Sales Invoice

A paper provided by the seller to the buyer that outlines the goods or services offered, the total due, and the conditions of payment.