Which of the Following Is a Legal Entity Created by Permission

question 80

Multiple Choice

Which of the following is a legal entity created by permission of a provincial or federal government?

• A) corporation
• B) general partnership
• C) limited partnership
• D) sole proprietorship

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Definitions:

Accounting Services

Professional services that include bookkeeping, tax preparation, auditing, and financial analysis for individuals or businesses.

Unadjusted Trial Balance

A financial statement listing all the accounts and their balances before any adjustments are made, used for internal purposes to check the balance of debits and credits.

Depreciation Expense

The allocated amount of the cost of an asset over its useful life, used to account for declines in value.

Accrued Revenues

Revenues that have been earned but not yet received in cash or recorded by the entity, representing assets on the balance sheet.