What is the net book value of a noncurrent asset, Basic Statistics

What is a sole proprietorship?

A sole proprietorship is a form of business organization that is owned by one person. The owner is referred to as a sole proprietor.

In accounting, the balance sheet of the sole proprietorship reflects the accounting equation: Assets = Liabilities + Owner's Equity. Owner's Equity consists of the owner's capital account and also a drawing account. The drawing account is a temporary account in which the owner's current year draws or withdrawals are recorded. (The sole proprietor has draws because he or she does not receive a salary or wages. Hence, the income statement will not report an expense for the owner's work. This means that the net income reflects the total return for the owner's work and investment.)

A sole proprietorship is not legally separate from its owner (as would be the case with a corporation). However, a sole proprietor may be able to register as a limited liability company in order to limit his or her personal liability. Be sure to seek professional advice as to the appropriate form of business for your situation and location.

Expertsmind.com offers unique accounting assignment help

Posted Date: 3/31/2012 7:02:24 AM | Location : United States







Related Discussions:- What is the net book value of a noncurrent asset, Assignment Help, Ask Question on What is the net book value of a noncurrent asset, Get Answer, Expert's Help, What is the net book value of a noncurrent asset Discussions

Write discussion on What is the net book value of a noncurrent asset
Your posts are moderated
Related Questions
CRSL has a large auditorium which can cater for 300 people and is ideal for formal balls and functions. The auditorium can also be reconfigured to cater for 100 people. The Seasons

1. Suppose that there is a Beta(2,2) prior distribution on the probability µ that a coin will yield a "head" when spun in a speci?ed manner. The coin is independently spun 10 times

Question: (a) Find the number of different words which can be formed with the letters A, A, A, B, B, C, C if (i) there is no restriction (ii) they must st

How to calculate manually Cronbach alpha

Shafts are cut to length by two machines, A and B. Each machine cuts 50 percent of all shafts in approximately the same amount of time. Machine A's shafts are all good, but Machine

The Steven Wholesale Co. uses the periodic inventory system. The following transactions occurred during the month of May, the last month of the fiscal year that runs from June 1 t

I want support about statistical distributions

An audit of the accounting records of Loch Ness Ltd. for the year ending 30 June 2012 discovered that the ending inventory balance was over-valued by $35,000. Upon further investig

i)A sionusodial signal has the form x(t) = Asin?t Derive an expression for the autocorrelation Rxx(λ) II) Explain the significance of this result in term of the frequen

An HIV educator wishes to determine whether the method of delivering teaching influences adherence with antiretroviral therapy. She decides to measure adherence as viral load (a r