Acounts payable - Study guides, Class notes & Summaries

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accounting test 1
  • accounting test 1

  • Exam (elaborations) • 3 pages • 2024
  • ACCOUNTING EXAMINATION 1 sole proprietorship - answer-owned by one individual, easiest doesn't require special legal maneuvers. Profits or losses become apart of the taxable income of the oner and they are responsible partnership - answer-legal liabilities are responsible of to or more oweners. More $, lawyer typically needed. more owners more resources. Corporation - answer-Separate entity from legal/accounting perspectives. Owners are not responsible for taxes and debts. Owners ca...
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Question 12 and 13
  • Question 12 and 13

  • Exam (elaborations) • 1 pages • 2023
  • Questions and answers explaining accounts payable turnover
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