Chapter 13: Proprietorships and Partnerships
- Page ID
- 98052
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- LO1 – Describe the characteristics of a proprietorship, including how its financial statements are different from those of a corporation.
- LO2 – Describe the characteristics of a partnership including how its financial statements are different from those of a corporation.
Chapter 1 introduced the three forms of business organizations — corporations, proprietorships, and partnerships. The corporation has been the focus in Chapters 1 through 12. This chapter will expand on some of the basic accounting concepts as they apply to proprietorships and partnerships.