Study on Accounting Essay for Sole Proprietorship
Sole Proprietorship: A sole proprietorship, also known as a sole proprietorship or sole proprietorship, is an unincorporated business with one owner who pays personal income tax on the profits made from it. The word 'sole' means 'only'. A sole proprietorship, also known as a sole proprietorship or simply proprietorship, is a type of business entity that is owned and operated by one person and where there is no legal distinction between the owner and the business. A sole proprietorship is a business owned by one person. The basic accounting steps required are as follows: Create a chart of accounts. This is a list of the categories in which you want to record your income and expenses. For a smaller business, this may be a fairly small list - perhaps a few dozen accounts, such as revenue, cost of goods sold, rent, utilities, and office expenses.