Which of the Following Is NOT a Way to Organize

question 65

Multiple Choice

Which of the following is NOT a way to organize an entrepreneurial venture?

• A)partnership
• B)corporation
• C)cooperative association
• D)sole proprietorship

Recognize the importance and procedure for tracking merchandise returns and allowances.

Understand how to properly list Plant, Property, and Equipment in financial statements.

Learn about the structure and components of a classified balance sheet.

Understand the preparation and significance of comprehensive financial statements (Balance Sheet, Income Statement, Statement of Owner’s Equity).

---

Definitions:

Employee Discounts

Reductions in price offered to employees of a company as a part of their employment benefits, encouraging them to purchase products or services from the employer.

FIFO Retail Inventory Method

An inventory costing method that assumes items are sold in the order they were purchased or produced, first-in, first-out, applied specifically to retail inventories.

Cost-to-retail Percentage

Cost-to-retail percentage is a ratio used in retail to convert the ending inventory at retail prices back to a cost basis for financial reporting.