The Primary Financial Statements of a Proprietorship Are the Income

question 165

True/False

The primary financial statements of a proprietorship are the income statement, statement of owner's equity, and balance sheet.

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Definitions:

Remedies

Legal means or methods used to enforce a right or compensate for an injury or harm.

Nominal Damages

Small monetary compensation awarded by a court where a legal wrong occurred, but no substantial harm was suffered.

Specific Performance

A legal remedy where the court orders a party to perform their obligations under a contract, rather than paying damages.

Liquidated Damages

A predetermined amount of money that must be paid as damages for failure to perform under a contract.