_____ Franchise Is One in Which Every Part of Setting

question 60

Multiple Choice

_____ franchise is one in which every part of setting up the business is handled by professionals.

• A)Turnkey
• B)Product or trade name
• C)Single unit
• D)Multi unit

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Definitions:

Cash Basis

An accounting method where revenues and expenses are recorded only when cash is received or paid, irrespective of when the transactions actually occurred.

Adjusting Entry

Journal entries made in accounting records at the end of an accounting period to allocate income and expenditure to the correct periods.

Asset Account

A financial account that represents the resources owned by a company, which have future economic value.

Liability Account

An accounting record that represents debts or obligations a company owes to others.