A business owned by one person,who is often the manager/operator of the business;the owner's net worth or equity (which consists of the amount by which the fair market value of all assets exceed liabilities)

A) accounts payable
B) assets
C) corporation
D) cost
E) economic entity assumption
F) liabilities
G) market value
H) monetary unit assumption
I) note payable
J) (paid-in) capital
K) partnership
L) proprietorship
M) retained earnings
N) stockholders' equity

Question

​A business owned by one person,who is often the manager/operator of the business;the owner's net worth or equity (which consists of the amount by which the fair market value of all assets exceed liabilities)A) accounts payableB) ​assetsC) ​corporationD) ​costE) ​economic entity assumptionF) ​liabilitiesG) ​market valueH) ​monetary unit assumptionI) ​note payableJ) ​(paid-in) capitalK) ​partnershipL) ​proprietorshipM) ​retained earningsN) stockholders' equity

Cameron Caldwell · Accepted Answer

Final Answer : L, Explanation :  A proprietorship is a business owned by one person, who is often the manager/operator, and the owner's equity is the net worth or equity, which is the amount by which the fair market value of all assets exceeds liabilities.

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