A Corporation

question 109

Multiple Choice

A corporation

• A) is a legal entity, separate and distinct from its owners.
• B) can sue and be sued, and can enter into contracts.
• C) can borrow money and own property.
• D) all of the above are true

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Definitions:

Reportable

Refers to information or data that must be disclosed or presented officially, often within financial statements or to regulatory bodies.

Reportable Segments

Portions of a business that can be separated for analysis and reporting purposes, typically based on certain criteria like products, services, or geographic locations.

Revenues

The cumulative sum of funds a business accrues from selling products or offering services over a specified duration.