________ is a form of accounting that recognizes expenses as they are paid and r
ID: 1224163 • Letter: #
Question
________ is a form of accounting that recognizes expenses as they are paid and recognizes revenue as it is generated.
a. accrual based
b. cash based
c. balance sheet
d. credit based
According to the text, which of the following terms is used to discuss the acceptance by key stakeholders that your business is more than just a “startup” and will be successful?
a. efficiency
b. applicability
c. efficacy
d. legitimacy
Which legal form of business best protects an owner’s personal assets when he or she must declare business bankruptcy?
a. corporation and limited liability corp
b. partnership and limited liability partnership
c. sole proprietor
d. all of the above
An excellent source of information on rules and regulations a business must comply with can be found at ______________.
a. local information center
b. chamber of commerce
c. governmnetnt relations center
d. small business assistance center
Explanation / Answer
C.Balance sheet.
a.efficiency.
c. sole proprietor
d. small business assistance center
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