Under the proprietorship theory of accounting the incorrect statement(s)is/are:
i.Assets belong to the proprietor
ii.Liabilities are the obligations of the entity
iii.Income and expense accounts are subsidiary accounts of proprietorship
iv.An objective of accounting is to determine the net worth of the owner

Question

Quizplus · Accepted Answer

Under the proprietorship theory, liabilities are considered obligations of the proprietor, not the entity.

Under the Proprietorship Theory of Accounting the Incorrect Statement(s)is/are