The Three Cost Flow Assumptions Most Frequently Used in the U.S.are

question 18

Short Answer

The three cost flow assumptions most frequently used in the U.S.are ___________, ___________, and ___________.

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Definitions:

Limited Liability Company

Is a business structure that combines the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation.

Personally Liable

Being directly responsible for an obligation or debt, where one's personal assets can be used to satisfy the liability.

Unlimited Liability

A type of business ownership where the owners are personally responsible for all of the debts of the business, with no limit to this liability.

Limited Liability Company

A business structure in the United States that provides its owners with limited liability while allowing the benefits of pass-through taxation.