For These Types of Organisation,no Distinction Is Made Between Business

question 4

Multiple Choice

For these types of organisation,no distinction is made between business and personal assets.

• A)Sole proprietorship
• B)General partnership
• C)Limited partnership
• D)Both A and B

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Definitions:

Accumulated Depreciation

The total depreciation expense charged for an asset since it was put into use, reflecting its loss of value over time.

Replacement Cost

The current cost of replacing an asset with a similar new asset, reflecting the current market conditions and prices.

Gain or Loss

Refers to the financial result of a transaction where assets exceed liabilities (gain) or liabilities exceed assets (loss).

Disposal

The process of getting rid of an asset or substance, which can involve selling, recycling, or throwing away.