Which of the following statements about business forms is correct?
A. All partnerships are owned by only two people.
B. A sole proprietorship is an unincorporated business owned by one person.
C. A corporation is not a legal entity.
D. An LLC (or limited liability company) has the same tax treatment as a corporation.
Answer: B
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The assumption that allows accountants to accept some inaccuracy, because of incomplete information about the future, in exchange for more timely reporting is:
a. conservatism. b. time period. c. business entity. d. materiality. e. realization.
What is residual income and how is it computed? Is it better for residual income to be high or low?
Discuss the five dimensions of Trompenaars values study that concerned relationships among people.
What will be an ideal response?
During its first year of operations, a company that incurred $1,000 in production costs reported cost of goods sold of $800 and selling costs of $100. Its ending finished goods inventory was $300.
Answer the following statement true (T) or false (F)