Explanation

A sole proprietor will be responsible for business debts, as will most partners in a partnership. By contrast, the purpose of a corporate structure is to shield those with an ownership interest from personal liability.

Explanation

In independent projects evaluation, results of internal rate of return and net present value lead to cost decision. An Independent Project Evaluation is the evaluation of an individual project designed to achieve specific objectives within specified resources, in an adopted time span and following an established plan of action, often within the framework of a broader programme.

Explanation

Cash and cash equivalent are the asset from the following. Cash and cash equivalents (CCE) are the most liquid current assets found on a business's balance sheet. Cash equivalents are short-term commitments "with temporarily idle cash and easily convertible into a known cash amount".

Explanation

Future economic benefits is the most important characteristic that all assets of a business have.

Explanation

Drawings accounts will be debited if the business's owner withdraws cash from business for personal use.

Goods withdrawn for personal use by the owner of a business reduce inventory and are recorded on a drawings account.

Explanation

Nominal accounts in accounting are the temporary accounts, Revenue or Expense are transferred to profit and loss account and closed at the end of each accounting year.

Explanation

In accounting, the controlling account  is an account in the general ledger for which a corresponding subsidiary ledger has been created.

Explanation

Direct labor cost is a part of wage-bill or payroll that can be specifically and consistently assigned to or associated with the manufacture of a product, a particular work order, or provision of a service.

Explanation

Profit and Loss Account is a period statement which is prepared to show the profit or loss incurred by the Organization in the year for which it is prepared.

Explanation

Banks and credit unions are referring to the money in your accounts when they use the term "deposit."