In Which Business Structure Are the Risks and Rewards Shared

question 1

Multiple Choice

In which business structure are the risks and rewards shared by two or more owners?

• A) sole proprietorship
• B) partnership
• C) corporation
• D) limited liability company

Understand the significance of IFRS to SMEs and the challenges involved in adopting these standards.

Understand the concepts of debits and credits in the accounting cycle.

Analyze and prepare general journal and T-account entries for business transactions.

Calculate net income by analyzing changes in assets, liabilities, and equity.

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Definitions:

Constitutional Justification

The reasoning or basis in a constitution that supports a law, action, or policy.

Ex Post Facto Law

A law that retroactively changes the legal consequences (or status) of actions that were committed before the enactment of the law, which is generally prohibited by constitutional principles in many countries.

Antiterrorism and Effective Death Penalty Act

A 1996 U.S. federal law designed to combat terrorism, improve the effectiveness of the death penalty, and set limitations on appeals to hasten the execution process.

Right to Privacy

The concept that one's personal information is protected from public scrutiny, implicitly found in the Constitution's guarantees, as interpreted by the Supreme Court.