In Which of the Following Business Organization the Business Is

question 53

Multiple Choice

In which of the following business organization the business is considered separate from the owner/s:

• A)A state-owned entity.
• B)A sole proprietorship.
• C)A corporation.
• D)A partnership.

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Definitions:

T-Accounts

A visual representation of accounts used in double-entry bookkeeping, showing debits on the left and credits on the right, to track the balance of each account.

Manufacturing Overhead

The indirect costs associated with manufacturing, covering expenses like maintenance, utilities, and staff salaries not directly involved in production.

Cost of Goods Sold

The total cost incurred by a company to manufacture or acquire products sold during a specific period.

Raw Materials

Basic materials used in the manufacturing process to produce goods, often processed in several stages into components or finished products.