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

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter18: Comparative Forms Of Doing Business

Section: Chapter Questions

Problem 5P

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