Partnerships and Proprietorships

question 90

Multiple Choice

Partnerships and proprietorships:

• A)are separate legal entities from their owners, are for small businesses, and for financial reporting purposes do not keep the business affairs separate from those of the owners.
• B)are separate legal entities from their owners, are for small to large businesses, and for financial reporting purposes keep the business affairs separate from those of the owners.
• C)are not separate legal entities from their owners, are for small to large businesses, and for financial reporting purposes do not keep the business affairs separate from those of the owners.
• D)are not separate legal entities from their owners, are for small to large businesses, and for financial reporting purposes keep the business affairs separate from those of the owners.

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Definitions:

Alfalfa

A perennial flowering plant often used in agriculture as fodder for livestock due to its high nutritional content and nitrogen-fixing properties.

Exchange Rate

The worth of one currency when converting it to a different one.

British Pound

The currency of the United Kingdom, symbolized as £ and known officially as the pound sterling.

Exchange Rates

The price at which one currency can be exchanged for another.