The characteristics below apply to at least one of the forms of business organization.
a.Is a separate legal entity.
b.Is allowed to be owned by one person only.
c.Owner or owners are personally liable for debts of the business.
d.Is a separately taxable entity.
e.Is a business entity.
f.May have a contract specifying the division of profits among the owners.
g.Has an unlimited life
Use the following format to indicate (with a "yes" or "no")whether or not a characteristic applies to each type of business organization.
Definitions:
Refractory Period
A period immediately following stimulation during which a nerve or muscle is unresponsive to further stimulation.
Circumcision
The surgical removal of the foreskin from the human penis, often performed for religious, cultural, or medical reasons.
Orgasm
The climax of sexual stimulation, characterized by intense pleasure and physiological changes.
Gynecomastia
The enlargement of breast tissue in males, often due to hormonal imbalances, medication, or certain health conditions, not related to excess fat.
Q20: The going concern assumption:<br>A)Means that accounting information
Q65: Revenues and expenses are two categories of
Q98: On January 1,Jewel Company buys $200,000 of
Q100: The adjustment to fair value of trading
Q105: Rent expense appears on which of the
Q120: All of the following statements regarding accounting
Q162: If a company has excess space in
Q177: If the assets of a business increased
Q214: Financial accounting serves external users by providing
Q231: Booth Industries has liabilities of $105 million