Most publicly traded firms operate as corporations. Which of the following is/are not true?
a. If the corporation becomes insolvent, creditors can claim only the assets of the corporate entity and cannot claim the assets of the individual owners.
b. To settle debts of general partnerships, creditors have a claim on the owners' business and personal assets.
c. To settle debts of sole proprietorships, creditors have a claim on the owners' business and personal assets. .
d. In recent years, many partnerships and sole proprietorships have become limited liability companies (LLCs), or limited liability partnerships (LLPs), to limit their owners' personal liability for business debts and other obligations.
e. none of the above
E
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Answer the following statement true (T) or false (F)
The Treasury Stock account should be considered an asset account
a. True b. False Indicate whether the statement is true or false
Which of the following accounts will be found on the income statement?
A) inventory B) work in process C) finished goods D) cost of merchandise sold
Below is a histogram for the number of days that it took Wyche Accounting to perform audits in the last quarter of last year. What is the relative frequency of the 21-24 bin?
?
What will be an ideal response?