hich of the following is a characteristic of a sole proprietorship? Multiple Choice The owner bears no personal responsibility for the debts of the business. It is an independent legal entity on its own. It is owned and managed by two or more people. It is owned and managed by one person.

hich of the following is a characteristic of a sole proprietorship? Multiple Choice The owner bears no personal responsibility for the debts of the business. It is an independent legal entity on its own. It is owned and managed by two or more people. It is owned and managed by one person.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

#49

Which of the following is a characteristic of a sole proprietorship?
Multiple Choice
O
The owner bears no personal responsibility for the debts of the business.
It is an independent legal entity on its own.
It is owned and managed by two or more people.
It is owned and managed by one person.

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