Define a Sole Proprietorship

question 24

Essay

Define a sole proprietorship.

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Definitions:

Accumulated Depreciation

The total amount of depreciation expense that has been recorded against a fixed asset since its acquisition.

Asset Turnover Ratio

A ratio measuring how effectively a business uses its assets to produce sales income.

Property, Plant, and Equipment

Tangible long-term assets owned by a business, used in the production or supply of goods and services, such as buildings, machinery, and vehicles.

Accumulated Depreciation

It represents the total amount of depreciation expense that has been recorded for an asset over its life.