Proprietorships are owned by one owner and provide only services to their customers.

Proprietorships

Business entities owned by a single individual, who has full control over operations and takes on the liabilities of the business personally.

Services

Activities that provide value to customers without producing tangible goods, often characterized by expertise, advice, or labor.

Comprehend the various organizational frameworks of enterprises like corporations and proprietorships and their influence on accounting practices.

Verified Answer

Final Answer :

False

Explanation :

Proprietorships can provide both services and goods to customers, and while they are owned by one individual, they can still have employees.

Learning Objectives

Comprehend the various organizational frameworks of enterprises like corporations and proprietorships and their influence on accounting practices.