Which of the Following Is an Advantage of a General

question 87

Multiple Choice

Which of the following is an advantage of a general partnership?

• A) It has an unlimited lifetime.
• B) Taxes are levied on a partnership and not on its owners.
• C) Expenses required for creating a partnership are low.
• D) Ownership interests are easily transferable.

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Definitions:

Inventory Accounts

Accounts used to track the quantity and value of goods a company has in stock, including raw materials, work-in-progress, and finished goods.

Controller

A financial manager responsible for the accounting operations of a company, including financial report generation and data integrity.

Raw Materials Inventory

The total cost of all the raw materials that are in stock and available for use in the production process at a given time.