Restaurants and Barbershops Are Examples of Which of the Following

question 95

Multiple Choice

Restaurants and barbershops are examples of which of the following locations for services?

• A)Client's location
• B)Mutually accessible location
• C)Your firm's location
• D)Competitor's location

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Definitions:

Proprietorship

A proprietorship, also known as a sole proprietorship, is a type of business that is owned and run by one individual and where there is no legal distinction between the owner and the business entity.

Liabilities

Liabilities are financial obligations or debts that a company owes to others, to be settled over time through the transfer of economic benefits including money, goods, or services.

Owner's Equity

The total value that the owners or shareholders have invested in a company minus any liabilities.

Balance Sheet

A financial statement that shows a company's financial position at a specific point in time by detailing assets, liabilities, and owner's equity.