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Recap of Accounting Process

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Question

Write a word or a phrase or a term which can substitute each one of the following.

'One man show' type of business organization.

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Solution

One man show type of business- Sole proprietorship.
Explanation:
A sole proprietorship is owned, controlled and managed by one person. Therefore, it is also known as one-man show. The proprietor receives all the profits. At the same time, he/she is responsible for the losses.

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