Table of contents

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1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

1. Introduction to Accounting

Business Organization

Financial Accounting

1. Introduction to Accounting

Business Organization

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Multiple Choice

How many owners does a sole proprietorship have?

One

Unlimited

Two

Up to 100

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Verified step by step guidance

Understand the concept of a sole proprietorship: A sole proprietorship is the simplest and most common form of business ownership. It is owned and operated by a single individual.

Review the characteristics of a sole proprietorship: The owner has full control over the business, is responsible for all debts and obligations, and receives all profits.

Analyze the question: The problem is asking about the number of owners in a sole proprietorship. By definition, a sole proprietorship has only one owner.

Eliminate incorrect options: 'Unlimited,' 'Two,' and 'Up to 100' are not applicable to a sole proprietorship because it is specifically designed for single ownership.

Select the correct answer: Based on the definition and characteristics of a sole proprietorship, the correct answer is 'One.'