Which of the following is a distinguishing characteristic of a nonbusiness organization?
a. Its revenues do not exceed its expenses
b. There is an absence of ownership interests that can be sold, transferred, or redeemed
c. It does not depreciate its capital assets
d. It does not charge fees for any of its services
b
Business
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Scott's Camera Shop started the year with total assets of $80,000 and total liabilities of $40,000. During the year, the business earned revenues of $120,000 and incurred expenses of $70,000. Scott made no capital contributions during the year, but did make withdrawals of $60,000. What is the amount of Scott's net income for the year?
A) $50,000 B) $10,000 C) $30,000 D) $40,000
Business
The four basic scale characteristics are nominal, order, distance and origin
Indicate whether the statement is true or false
Business