Identify the three general forms of legal organization. What are the major differences between these forms?
What will be an ideal response?
The three general forms are the sole proprietorship, the partnership, and the corporation. These forms differ in relation to liability of the owners, the specific rights and duties of the owners, and what happens to the company when the owner dies or withdraws from the company.
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The U.S. taxing authorities permit a firm to use LIFO for tax purposes as long as it also uses LIFO for financial reporting purposes
Indicate whether the statement is true or false
Class presentations tend to have which characteristic as compared to daily conversations?
a. To be less formal b. To be more formal c. To be equally formal d. To be completely informal
The Statute of Frauds in most states require real estate sales contracts to be in writing
Indicate whether the statement is true or false
Indigo Corp. has a selling price of $45 and variable costs of $30 per unit. When 10,000 units are sold, profits equaled $25,000. What is the margin of safety?
A. $25,000 B. $150,000 C. $80,000 D. $75,000