Examlex
The characteristics below apply to at least one of the forms of business organization.
a.Is a separate legal entity?
b.Is allowed to be owned by one person only?
c.Owner or owners are personally liable for debts of the business.
d.Is a taxable entity?
e.Is a business entity?
f.May have a contract specifying the division of profits among the owners?
g.Has an unlimited life.
Use the following format to indicate (with a yes or no)whether or not a characteristic applies to each type of business organization.
Outstanding Cheques
Checks that have been written and recorded in the issuing account but have not yet been cashed or deposited by the recipient.
Balance Per Bank
Balance per bank refers to the amount of money a business has in its bank account, as recorded by the bank, before reconciling any discrepancies with the company's records.
Safeguarded
refers to measures or actions taken to protect something from harm, loss, or unauthorized access.
Bank Service Charge
Fees charged by banks for account services provided, including monthly maintenance, transactions exceeding a certain limit, or ATM usage outside the network.
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