A Benefit Corporation Is Designed to Make a Profit and Thereby

question 48

True/False

A benefit corporation is designed to make a profit and thereby provide long-term shareholder benefit.

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Definitions:

Assets

Economic resources owned or controlled by a business, expected to provide future benefits.

Monetary Unit Assumption

An accounting principle that assumes all transactions and financial statements are recorded in a single currency.

Cost Principle

An accounting principle that states all goods and services purchased by a business should be recorded at their cost price, rather than their current market value.

Economic Data

Economic data refers to quantitative information concerning the economy, which includes statistics on inflation, employment, GDP, and market transactions.