Which of the Following Types of Business Organizations Is Subject

question 27

Multiple Choice

Which of the following types of business organizations is subject to "double taxation" of business income?

• A) Limited Partnerships
• B) Limited Liability Companies
• C) C corporations
• D) S corporations

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Definitions:

Reversing Entries

Entries recorded at the start of a new accounting cycle to negate or reverse adjustments that were documented at the conclusion of the preceding period.

Payment

The act of transferring money or value from one party to another as a form of settlement for goods, services, or obligations.

Unearned Fees

Revenue received by a company for services yet to be performed, recognized as a liability until the services are provided.

Fees Earned

Income received for services provided by a company or individual.