The Concept of an "Artificial Being" Refers to Which Form

question 151

Multiple Choice

The concept of an "artificial being" refers to which form of business organization?

• A) Partnership
• B) Sole proprietorship
• C) Corporation
• D) Limited partnership

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Definitions:

GAAP Definition

Generally Accepted Accounting Principles; a standard framework of guidelines for financial accounting used in any given jurisdiction, generally known for ensuring consistency and transparency.

Nonreciprocal Transaction

Transactions where one party transfers resources or obligations without directly receiving anything of approximately equal value in exchange.

Unconditional Promises

Commitments made by an entity that do not depend on future events or conditions for their execution.