Which of the Following Forms of Organization Has an Unlimited

question 95

Multiple Choice

Which of the following forms of organization has an unlimited life?

• A) proprietorship
• B) LLC
• C) subchapter S corporation
• D) corporation and subchapter S corporation

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Definitions:

Ending Inventory

The final amount of goods available for sale at the end of an accounting period.

Perpetual System

An inventory system that continually updates inventory records and cost of goods sold after each purchase or sale.

Cost of Goods Sold

Refers to the specific expenses directly linked to the creation of the products a company sells.

Perpetual LIFO

A method of inventory valuation where the last items added to inventory are considered the first items sold, continuously updated in real-time.