Choose the correct types of profit making business formation

Choose the correct types of non-profit making business formation

Choose the characteristics of SOLE PROPRIETORSHIP

Choose the characteristics of PARTNERSHIP

Choose the characteristics of CORPORATION

________________ indicates that personal and business record-keeping should be separately maintained.

An amount is considered has a significant effect upon income or the financial position of a business and an omission of such figures will affect to user’s decision. This statement is best suite for

Each business chooses a specific period to complete a cycle of the accounting process—for example, monthly, quarterly, or annually — as per a fiscal or a calendar year.

The non-current assets of a business are recorded on the basis of their original cost in the first year of accounting. Subsequently, these assets are recorded minus depreciation. No rise or fall in market price is taken into account. The concept applies only to non-current assets

For every credit, a corresponding debit is made. The recording of a transaction is complete only with this dual aspect. This satisfy the equation of Assets = Liabilities + Capital in the Financial Statement.

This principles is the convention by which, when two values of a transaction are available, the lower- value transaction is recorded. By this convention, profit should never be over-estimated, and there should always be a provision for losses

This principle dictates that for every entry of revenue recorded in a given accounting period, an equal expense entry has to be recorded for correctly calculating profit or loss in a given period.

This concept prescribes the use of the same accounting principles from one period of an accounting cycle to the next, so that the same standards are applied to calculate profit and loss.