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Match the Characteristics with the Type of Business Below

Question 163

Matching

Match the characteristics with the type of business below.

Premises:
Uses withdrawal accounts or drawing accounts.
Uses owner capital accounts.
Uses retained earnings account.
Uses a dividends declared account.
Uses a profit ratio to allocate earnings among the owners.
Requires a charter.
Issues share certificates.
Has only one owner.
Has a board of directors.
Involves more than one owner but has no charter.
Responses:
Corporation
Partnership
Sole proprietorship
Partnership and sole proprietorship

Correct Answer:

Uses withdrawal accounts or drawing accounts.
Uses owner capital accounts.
Uses retained earnings account.
Uses a dividends declared account.
Uses a profit ratio to allocate earnings among the owners.
Requires a charter.
Issues share certificates.
Has only one owner.
Has a board of directors.
Involves more than one owner but has no charter.
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