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In a free enterprise system, businesses compete for customers.
$10,000
False
True
year
True
sole proprietorship
True
accounting period
One advantage of owning your own business is that any financial gain from operating the business is yours.
$10,000
False
True
year
True
sole proprietorship
True
accounting period
Basic accounting rules and procedures differ from business to business.
$10,000
False
True
year
True
sole proprietorship
True
accounting period
The most common form of business organization is the ____.
$10,000
False
True
year
True
sole proprietorship
True
accounting period
If the creditor's financial claim to property totals $1,000 and the owner's financial claim to property totals $11,000, the property value is ____.
$10,000
False
True
year
True
sole proprietorship
True
accounting period
The most common time period covered by an accounting report is one ____.
$10,000
False
True
year
True
sole proprietorship
True
accounting period
For accounting purposes, a business is an entity separate from its owners.
$10,000
False
True
year
True
sole proprietorship
True
accounting period
The assumption that requires accounting reports to be prepared for a specific period of time is ____.
$10,000
False
True
year
True
sole proprietorship
True
accounting period
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