Owners' equity consists of two accounts,Amy Jones,Capital,and Mindy Lenz,Capital.This indicates the entity is a:
A)proprietorship.
B)corporation.
C)not-for-profit.
D)partnership.

Question

Quizplus · Accepted Answer

The presence of two separate capital accounts suggests that the entity is a partnership, with each owner having their own capital account. Proprietorships have only one capital account for the owner, corporations have stockholders' equity instead of owners' equity, and not-for-profits have net assets instead of owners' equity.

Owners' Equity Consists of Two Accounts,Amy Jones,Capital,and Mindy Lenz,Capital