The Concept of an "Artificial Being" Refers to Which Form

question 161

Multiple Choice

The concept of an "artificial being" refers to which form of business organization?

• A)Partnership
• B)Sole proprietorship
• C)Corporation
• D)Limited partnership

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Definitions:

Obsolete Goods

Items that are no longer useful or saleable due to changes in technology, style, or customer preferences, often leading to inventory write-offs.

Original Cost

The initial cost of acquiring an asset or service, including all expenses related to the purchase.

Internal Control

Processes and procedures implemented by a company to safeguard its assets, enhance the reliability of its accounting records, promote efficient operations, and ensure compliance with laws and regulations.

Physical Count

A physical count involves manually counting the actual inventory to verify accuracy against inventory records, often used for audit purposes or to correct discrepancies.