When operating as a proprietary business, which of the following is true? Select one: a. All debt in the business may or may not be the responsibility of the owner which will depend on accounting policies b. All the business debt is not the responsibility of the owner because they are separate entities c. It is common practice to keep the business and personal records together because the owner and the business are considered as one d. All the business debt is considered as the owners debt
When operating as a proprietary business, which of the following is true? Select one: a. All debt in the business may or may not be the responsibility of the owner which will depend on accounting policies b. All the business debt is not the responsibility of the owner because they are separate entities c. It is common practice to keep the business and personal records together because the owner and the business are considered as one d. All the business debt is considered as the owners debt
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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When operating as a proprietary business, which of the following is true?
Select one:
a. All debt in the business may or may not be the responsibility of the owner which will depend on accounting policies
b. All the business debt is not the responsibility of the owner because they are separate entities
c. It is common practice to keep the business and personal records together because the owner and the business are considered as one
d. All the business debt is considered as the owners debt
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