Disadvantages of the General Partnership Form of Business Organization Include

question 58

Multiple Choice

Disadvantages of the general partnership form of business organization include

• A) limited liability.
• B) ability to provide dividends to shareholders.
• C) lack of continuity.
• D) simplicity of establishment.
• E) difficult to organize.

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Definitions:

Convergence Efforts

Initiatives aimed at eliminating differences between various accounting standards (like between IFRS and GAAP) to achieve global consistency.

Ethical Dilemma

A situation in which choosing between two or more morally conflicting courses of action is difficult because there are competing ethical principles or values at play.

Ethical Criteria

Standards or principles used to judge the rightness or wrongness of actions, often based in moral philosophy.

Accounting Majors

Students specializing in the study of accounting, preparing for careers in financial reporting, auditing, tax, and more.