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Control charts visually show when a process is not within statistical control limits.
Corporation
A legal entity separate from its shareholders, with its own rights, privileges, and liabilities.
Business Entity
An organization established as a separate legal entity for business purposes, which may include corporations, partnerships, and sole proprietorships.
Accounting Purposes
The reason or rationale for recording financial transactions and maintaining financial records, mostly to provide insight into a business’s financial health, comply with legal obligations, and inform decision-making.
Proprietorship
A business entity owned and operated by a single individual, with no legal distinction between the owner and the business.
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