The Business College For The World
Accounting, which has been referred to as the “language of business”, measures the outcomes of a company’s financial activities and conveys this information to a selection of users, including buyers, collectors, administration, and regulators. The phrases “accounting” and “monetary reporting” are often used as synonyms. Having a business name does not separate the business entity from the proprietor, which implies that the owner of the business is responsible and responsible for money owed incurred by the business. If the business acquires debts, the collectors can go after the proprietor’s personal possessions. The proprietor is personally taxed on all income from …
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