As per the economic entity assumption, an organization and its owners should be seen as the same entity. Indicate whether the statement is true or false ANSWER FALSE
Date: September 2nd, 2020
In a sole proprietorship, the owner is personally liable for the debts of the business. Indicate whether the statement is true or false ANSWER TRUE
Date: September 2nd, 2020
The most that the owner of a sole proprietorship can lose, as a result of business debts or lawsuits, is the amount he/she has invested in the business. Indicate whether the statement is true or false ANSWER FALSE
Date: September 2nd, 2020
Members of a limited-liability company (LLC) are not personally liable for the debts of the business. Indicate whether the statement is true or false ANSWER TRUE
Date: September 2nd, 2020
In a limited-liability company (LLC), the members are personally liable for the debts of the business. Indicate whether the statement is true or false ANSWER FALSE
Date: September 2nd, 2020
A business can be organized as a sole proprietorship, partnership, corporation, or limited-liability company (LLC). Indicate whether the statement is true or false ANSWER TRUE
Date: September 2nd, 2020
In a corporation, the board of directors is elected by the chairperson of the company. Indicate whether the statement is true or false ANSWER FALSE
Date: September 2nd, 2020
For each user of accounting information, identify if the user would use financial accounting (FA ) or managerial accounting (MA ) User of Accounting Information FA or MA Business manager Creditor Stockholder Human resources director Internal Revenue Service What will be an ideal response ANSWER User of Accounting Information FA or MA Business manager MA […]
Date: September 2nd, 2020
The creation of a corporation begins when its incorporators obtain a charter from the state. Indicate whether the statement is true or false ANSWER TRUE
Date: September 2nd, 2020
Certified Public Accountants are licensed professional accountants who serve the general public. Indicate whether the statement is true or false ANSWER TRUE
Date: September 2nd, 2020
