The term owner's equity is preferred over the term net worth because most assets are carried at original cost rather than at current value
Indicate whether the statement is true or false
True
You might also like to view...
Nakumatt, is a supermarket chain in Kenya, where people go to show that they are educated and prosperous and cognizant of larger affairs
Indicate whether the statement is true or false
It is possible to limit the liability faced by some of the partners in a business by establishing a(n) _____.
A. limited liability partnership (LLP) B. general partnership C. sole proprietorship D. concentrated partnership E. limited accumulation partnership
Under the rule of caveat emptor, the producer of a defective product that caused injury to a consumer was:
a. not liable in either tort law or contract law b. liable in tort law to any injured consumer if negligence by the producer could be shown c. liable in tort law to consumers who bought the good under the rule of strict liability d. liable in contract to all consumers who used the product under the rule of res ipsa loquitur e. none of the other choices
What is/are advantage(s) to establishing a trust?
A) Trusts bypass probate. B) Trusts can ensure that children from a previous marriage will receive some inheritance. C) Trusts can be used to shelter assets from estate taxes. D) A trust does not become a matter of public record, so it offers confidentiality. E) All of the above are advantages to using a trust.