Sole Proprietorship Firm − It is the simplest form of business which is handled and managed by a single person. Requirement 1 To state : The operating activities and the form of organization for said business.

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Answer 1

Question

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 1, Problem 6BTN

Summary Introduction

Concept Introduction:

Sole Proprietorship Firm − It is the simplest form of business which is handled and managed by a single person.

Requirement 1

To state : The operating activities and the form of organization for said business.

Summary Introduction

Concept Introduction:

Business Organization: It can be described as an entity created to carry out various commercial activities with an intention of earning profits by providing goods and services based on the needs of the customer.

Requirement 2

To state : The reason behind choosing the form of organization by the owner.

Summary Introduction

Concept Introduction:

Forms of Organization: It depicts a specific code of conduct and rules to be followed in each type of business organization. Some of the forms of Business Organizations are- Sole Proprietary Firm, Joint Hindu Family Firm, Partnership Firm, LLP etc.

Requirement 3

To state : The advantages and disadvantages of the form of organization for said business.

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Answer 2

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Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 1, Problem 6BTN

Summary Introduction

Concept Introduction:

Sole Proprietorship Firm − It is the simplest form of business which is handled and managed by a single person.

Requirement 1

To state : The operating activities and the form of organization for said business.

Summary Introduction

Concept Introduction:

Business Organization: It can be described as an entity created to carry out various commercial activities with an intention of earning profits by providing goods and services based on the needs of the customer.

Requirement 2

To state : The reason behind choosing the form of organization by the owner.

Summary Introduction

Concept Introduction:

Forms of Organization: It depicts a specific code of conduct and rules to be followed in each type of business organization. Some of the forms of Business Organizations are- Sole Proprietary Firm, Joint Hindu Family Firm, Partnership Firm, LLP etc.

Requirement 3

To state : The advantages and disadvantages of the form of organization for said business.

Expert Solution & Answer

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Answer 3

Question

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 1, Problem 6BTN

Summary Introduction

Concept Introduction:

Sole Proprietorship Firm − It is the simplest form of business which is handled and managed by a single person.

Requirement 1

To state : The operating activities and the form of organization for said business.

Summary Introduction

Concept Introduction:

Business Organization: It can be described as an entity created to carry out various commercial activities with an intention of earning profits by providing goods and services based on the needs of the customer.

Requirement 2

To state : The reason behind choosing the form of organization by the owner.

Summary Introduction

Concept Introduction:

Forms of Organization: It depicts a specific code of conduct and rules to be followed in each type of business organization. Some of the forms of Business Organizations are- Sole Proprietary Firm, Joint Hindu Family Firm, Partnership Firm, LLP etc.

Requirement 3

To state : The advantages and disadvantages of the form of organization for said business.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 4

Question

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 1, Problem 6BTN

Summary Introduction

Concept Introduction:

Sole Proprietorship Firm − It is the simplest form of business which is handled and managed by a single person.

Requirement 1

To state : The operating activities and the form of organization for said business.

Summary Introduction

Concept Introduction:

Business Organization: It can be described as an entity created to carry out various commercial activities with an intention of earning profits by providing goods and services based on the needs of the customer.

Requirement 2

To state : The reason behind choosing the form of organization by the owner.

Summary Introduction

Concept Introduction:

Forms of Organization: It depicts a specific code of conduct and rules to be followed in each type of business organization. Some of the forms of Business Organizations are- Sole Proprietary Firm, Joint Hindu Family Firm, Partnership Firm, LLP etc.

Requirement 3

To state : The advantages and disadvantages of the form of organization for said business.

Expert Solution & Answer

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Check out a sample textbook solution

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Answer 5

Chapter 1, Problem 6BTN

Summary Introduction

Concept Introduction:

Sole Proprietorship Firm − It is the simplest form of business which is handled and managed by a single person.

Requirement 1

To state : The operating activities and the form of organization for said business.

Summary Introduction

Concept Introduction:

Business Organization: It can be described as an entity created to carry out various commercial activities with an intention of earning profits by providing goods and services based on the needs of the customer.

Requirement 2

To state : The reason behind choosing the form of organization by the owner.

Summary Introduction

Concept Introduction:

Forms of Organization: It depicts a specific code of conduct and rules to be followed in each type of business organization. Some of the forms of Business Organizations are- Sole Proprietary Firm, Joint Hindu Family Firm, Partnership Firm, LLP etc.

Requirement 3

To state : The advantages and disadvantages of the form of organization for said business.

Answer 6

Chapter 1, Problem 6BTN

Summary Introduction

Concept Introduction:

Sole Proprietorship Firm − It is the simplest form of business which is handled and managed by a single person.

Requirement 1

To state : The operating activities and the form of organization for said business.

Answer 7

Chapter 1, Problem 6BTN

Summary Introduction

Concept Introduction:

Sole Proprietorship Firm − It is the simplest form of business which is handled and managed by a single person.

Requirement 1

To state : The operating activities and the form of organization for said business.

Answer 8

Summary Introduction

Concept Introduction:

Business Organization: It can be described as an entity created to carry out various commercial activities with an intention of earning profits by providing goods and services based on the needs of the customer.

Requirement 2

To state : The reason behind choosing the form of organization by the owner.

Answer 9

Summary Introduction

Concept Introduction:

Business Organization: It can be described as an entity created to carry out various commercial activities with an intention of earning profits by providing goods and services based on the needs of the customer.

Requirement 2

To state : The reason behind choosing the form of organization by the owner.

Answer 10

Summary Introduction

Concept Introduction:

Forms of Organization: It depicts a specific code of conduct and rules to be followed in each type of business organization. Some of the forms of Business Organizations are- Sole Proprietary Firm, Joint Hindu Family Firm, Partnership Firm, LLP etc.

Requirement 3

To state : The advantages and disadvantages of the form of organization for said business.

Answer 11

Summary Introduction

Concept Introduction:

Forms of Organization: It depicts a specific code of conduct and rules to be followed in each type of business organization. Some of the forms of Business Organizations are- Sole Proprietary Firm, Joint Hindu Family Firm, Partnership Firm, LLP etc.

Requirement 3

To state : The advantages and disadvantages of the form of organization for said business.

Answer 12

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Answer 13

Expert Solution & Answer

Answer 14

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Answer 15

Ch. 1 - Prob. 1DQ Ch. 1 - Technology is increasingly used to process...Ch. 1 - Identify four kinds of external users and describe...Ch. 1 - What are at least three questions business owners...Ch. 1 - Prob. 5DQ Ch. 1 - Describe the internal role of accounting for...Ch. 1 - Identify three types of services typically offered...Ch. 1 - Prob. 8DQ Ch. 1 - Why is accounting described as a service activity?Ch. 1 - What are some accounting-related professions?

Sole Proprietorship Firm − It is the simplest form of business which is handled and managed by a single person. Requirement 1 To state : The operating activities and the form of organization for said business.

Solution Summary: The author explains that a Sole Proprietorship Firm is the simplest form of business which is handled and managed by one person.

Concept Introduction:

Sole Proprietorship Firm − It is the simplest form of business which is handled and managed by a single person.

Requirement 1

To state : The operating activities and the form of organization for said business.

Want to see the full answer?

Chapter 1 Solutions

Sole Proprietorship Firm − It is the simplest form of business which is handled and managed by a single person. Requirement 1 To state : The operating activities and the form of organization for said business.

Solution Summary: The author explains that a Sole Proprietorship Firm is the simplest form of business which is handled and managed by one person.

Concept Introduction: Sole Proprietorship Firm − It is the simplest form of business which is handled and managed by a single person. Requirement 1 To state : The operating activities and the form of organization for said business.

Want to see the full answer?

Chapter 1 Solutions

Concept Introduction:

Sole Proprietorship Firm − It is the simplest form of business which is handled and managed by a single person.

Requirement 1

To state : The operating activities and the form of organization for said business.