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This textbook emphasizes accounting for profit-making business entities. The three main types of business entities are sole proprietorship, partnership, and corporation. A sole proprietorship is an unincorporated business owned by one person; it usually is small in size and is common in the service, retailing, and farming industries. Often the owner is the manager. Legally, the business and the owner are not separate entities. Accounting views the business as a separate entity, however, that must be accounted for separately from its owner.The following sections discuss the differences and similarities of the accounts for business profitability. There are three main categories of organizations by a sole owner, partnership and sole company is a business entity that is owned by one person, they tend to be small and is common in the retail and service industry to agriculture. Often, the owner is a legitimate business managers and owners do not exclude. Business account view as a separate legal entity, but that must be accounted for separately from its owners. These are shown in the table below.
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