3 Questions
Which of the following is a characteristic of a sole proprietorship?
Unlimited liability
What does the term 'SWOT' stand for in business studies?
Strengths, Weaknesses, Opportunities, Threats
What is the primary purpose of financial accounting?
To provide information for external users to make investment decisions
Study Notes
Business Entities
- A characteristic of a sole proprietorship is that it is a business owned and operated by one individual, with no legal distinction between the owner and the business.
Business Planning
- SWOT is an acronym that stands for Strengths, Weaknesses, Opportunities, and Threats, used in business studies to identify and analyze these four elements in a business environment.
Accounting
- The primary purpose of financial accounting is to provide stakeholders with financial information about a business, such as its profitability and financial position, to aid in informed decision-making.
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