Examlex
All of the statements about mumps are true EXCEPT:
GAAP
Generally Accepted Accounting Principles, a collection of commonly-followed accounting rules and standards used in financial reporting within the United States.
Proprietorships
A business structure where a single individual owns and runs the business, bearing unlimited liability for its debts and obligations.
Partnerships
A business organization legally constituted by multiple individuals who jointly manage the enterprise and share in its profits.
Corporations
Legal entities that are separate from their owners, capable of owning assets, incurring liabilities, and being taxed; they raise capital through issuing stock.
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