A balance sheet of a sole proprietorship includes only the business assets and liabilities,not the personal assets of the owner.

Name: A balance sheet of a sole proprietorship includes only the business assets and liabilities,not the personal assets of the owner.
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Question

Quizplus · Accepted Answer

A sole proprietorship is not a separate legal entity from its owner, therefore the balance sheet only reflects the financial position of the business and not the personal assets or liabilities of the owner.

A Balance Sheet of a Sole Proprietorship Includes Only the Business