A(n)_____ Is a Legal Entity,created by the State,whose Assets and Liabilities

question 32

Multiple Choice

A(n) _____ is a legal entity,created by the state,whose assets and liabilities are separate from its owners.

• A)general partnership
• B)unlimited partnership
• C)corporation
• D)proprietorship
• E)strategic group

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Definitions:

Balance Sheet

A financial statement that reports a company's assets, liabilities, and shareholders' equity at a specific point in time, providing a basis for computing rates of return and evaluating its capital structure.

General Ledger Account

A comprehensive set of accounts that provides a complete record of all financial transactions of a company.

Allowance Method

An accounting technique used to estimate and account for potential uncollectable debts or credit sales.

Uncollectible Receivables

Debts owed to a company that are considered unlikely to be paid by the debtor, often written off as bad debts.