Identify the Correct Statement About a Sole Proprietorship

question 41

Multiple Choice

Identify the correct statement about a sole proprietorship.

• A) The owner shares responsibility with the agents and employees.
• B) It may be operated under an assumed or trade name.
• C) Employees of the business are not the personal employees of the owner.
• D) The salaries paid to the employees are not deductible in determining taxable income.

Know the compatibility of blood types for transfusions.

Recognize and respond promptly to signs of transfusion reactions.

Understand the purpose and components involved in transfusion therapy.

Describe preadministration assessment and interventions for blood transfusions.

---

Definitions:

Natural Business Year

A fiscal year that ends when a business's sales activities are at their lowest point, facilitating easier inventory and activity analysis.

12-month Period

A 12-month period typically refers to a full year, used in financial reporting and analysis to compare performance or changes over the span of a year.

Income Summary Account

A temporary account used in the closing process to summarize the period's revenues and expenses before transferring the net income or loss to retained earnings.

Permanent Accounts

Permanent accounts refer to the balance sheet accounts whose balances are carried over into the next accounting period, including assets, liabilities, and equity accounts.