Which of the Following Organizational Forms Is the Most Expensive

question 20

Multiple Choice

Which of the following organizational forms is the most expensive to set up?

• A)A sole proprietorship
• B)A general partnership
• C)A limited liability company
• D)A limited partnership
• E)A corporation

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Definitions:

First-In

Typically part of the phrase "First-In, First-Out" (FIFO), a method used to assign costs to inventory on the basis that the first items entered into inventory are the first sold.

Equivalent Units

A term used in cost accounting to denote a conversion measure that expresses the amount of work done on partially completed units in terms of fully completed units.

Conversion Cost

The cost associated with converting raw materials into finished products, typically including labor and overhead expenses.

Equivalent Unit

A metric used in cost accounting to express the amount of work done on incomplete units as a proportion of work done on complete units.