Corporations Are Organized as Either ________ Corporations or ________ Corporations

question 8

Multiple Choice

Corporations are organized as either ________ corporations or ________ corporations.

• A) permanent; temporary
• B) general; limited
• C) voluntary; statutory
• D) C; subchapter S
• E) regular; limited liability

---

Definitions:

Periodic Inventory System

An accounting method that updates inventory balance and cost of goods sold at the end of an accounting period.

Computerized Optical Scanning Equipment

Technology devices used for electronically converting images of text, handwriting, or printed documents into machine-encoded text or images.

Perpetual Systems

Inventory management systems that continuously update the record of inventory levels with each sale or purchase, providing real-time information.

Inventory Purchases

Transactions made by a business to acquire goods intended for sale during the normal course of operations.