The Corporate Form of Business

question 16

Multiple Choice

The corporate form of business:

• A) was first known and used by the Greeks and then spread through the Romans to England.
• B) was not known until about 1737 when Sir Francis LaRue developed the concept.
• C) was first allowed in the State of New York around 1811 and is considered to be an American creation.
• D) None of the above.

---

Definitions:

Statement Of Financial Position

Another term for a balance sheet, a financial document that summarizes a company's assets, liabilities, and shareholders' equity at a specific point in time.

Current Assets

Assets that are expected to be converted into cash, sold, or consumed within one year or the operating cycle, whichever is longer.

Long-Term Investments

Investments intended to be held for longer than a year, including stocks, bonds, or real estate, aimed at generating long-term returns.

Office Equipment

Office equipment consists of tangible property like desks, computers, and copiers that are used in an office setting for operations and administrative functions.