Fundamentals of ABM 2 (Quiz 2)

All are forms of Organization except for one

• Corporation

• Partnership

• Sole Proprietorship

• Manufacturing

An entity whose assets, liabilities, income and expenses are centered or owned by itself being a legally separate entity from its owners.

• Corporation

• Partnership

• Sole Proprietorship

• Manufacturing

Increases to owner’s equity by adding investments by the owner

• Initial Investments

• Withdrawals

• Income

• Additional Investments

The very first investment of the owner to the company

• Initial Investments

• Withdrawals

• Income

• Additional Investments

Which form of business organization puts the least risk on its owners?

• Corporation

• Partnership

• Sole Proprietorship

• Manufacturing

Decreases to owner’s equity apart from net effect of revenues and expenses

• Income

• Profit

• Loss

• Investments

Increases in owner’s equity without additional investment

• Income

• Profit

• Loss

• Investments

Which form of business organization is owned by only one person?

• Corporation

• Partnership

• Sole Proprietorship

• Manufacturing

Write down a sample heading of the Statement of Changes in Owner's Equity (2 Points)