Robert Fischer Is One of the Owners of a fiRm

question 187

Multiple Choice

Robert Fischer is one of the owners of a firm which generated $18,000 in taxable income last year. Robert did not have to pay any personal tax on his share of the firm's income. Robert must be a
Partial owner of a:

• A) Sole proprietorship.
• B) General partnership.
• C) Limited partnership.
• D) Non-dividend paying corporation.
• E) Limited liability company.

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Definitions:

Debit

A bookkeeping record that leads to an uptick in a firm's assets or a reduction in its liabilities on the balance sheet.

Account Receivable

Money owed to a company by its customers for goods or services delivered but not yet paid for.

Total Assets

The sum of all current and non-current assets owned by a business, representing its value and operational capacity.

Increase

Increase signifies a rise in value or quantity of a variable or account in the context of finance and accounting.