The Income Statement: Introduction
Most business enterprises are organized as a sole proprietorship, a partnership, or a corporation. The sole proprietorship is a form of business organization common to small retail stores, farms, service business, professional practices in law, medicine, and accounting.
This section is designed to give you an idea about the preparation of the financial statements of a sole proprietorship. The final part of this section deals with the key terms used. Short questions, fill in the blanks, and multiple choice questions are given to test your reading and understanding.