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Sole Proprietorship in Business

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Questions and Answers

Who can own and manage a sole proprietorship?

Omani nationals or GCC nationals (correct)

Both Omani and non-Omani nationals

Any foreign national

Only Omani nationals

What happens to a sole proprietorship when the owner dies or exits the firm?

It continues to exist as a separate entity

It ceases to exist (correct)

It becomes a partnership

It is taken over by the government

What is one of the advantages of a sole proprietorship?

A person can easily start and make decisions (correct)

It is a complex business structure

It requires many government regulations

Easy to raise funds

Who retains the profits in a sole proprietorship?

The owner Signup and view all the answers

What is a disadvantage of a sole proprietorship?

It is difficult to raise funds Signup and view all the answers

What is a necessary condition for an asset to exist?

A past event or transaction has occurred Signup and view all the answers

What is the primary characteristic of an asset in terms of its potential benefits?

Contributing to the flow of cash or cash equivalents Signup and view all the answers

Which of the following is NOT a prerequisite for an asset?

Physical form Signup and view all the answers

What is implied by 'control' in the context of an asset?

The entity has the ability to direct the use of the item Signup and view all the answers

What is NOT considered an asset?

An anticipated purchase next month Signup and view all the answers