When a Sole Proprietorship Incorporates,the Assets of the New Business

question 4

True/False

When a sole proprietorship incorporates,the assets of the new business are recorded at cost.

---

Definitions:

Quantity Supplied

The amount of a good that sellers are willing and able to sell.

Trade Policies

Measures and agreements set by governments to control exports and imports with the aim to protect domestic industries, manage the balance of payments, and promote economic growth.

Standard Of Living

The level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class or a certain geographic area.

Loanable Funds

The money available for borrowing in the financial markets, determined by savings and demands for investment.