Question & Answer: List the three main forms of business organizations (in terns of ownership) State the types of activities that are undertaken…..

List the three main forms of business organizations (in terns of ownership) State the types of activities that are undertaken in the business environment. Give one example each of the activities. State the accounting equation and explain the components. (not more than 4 lines) d. e. f.

List the three main forms of business organizations (in terns of ownership) State the types of activities that are undertaken in the business environment. Give one example each of the activities. State the accounting equation and explain the components. (not more than 4 lines) d. e. f.

Expert Answer

 

Solution:

d)

Three forms of business organisation in terms of ownership:

1) Sole Proprietorship

– It is a business owned by one person. Sole word means one and only.

– All the decisions are taken by the owner in this organization.

– Owner is the recipient of all the profits or loss.

2) Partnership

– Partnership is a business owned by two or more people.

– The person is called Partner.

3) Corporation

– Corporation is a legal entity owned by shareholders.

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