All the Business Forms Listed Below Have Limited Liability EXCEPT

question 3

Multiple Choice

All the business forms listed below have limited liability EXCEPT the

• A)limited liability company.
• B)general partnership.
• C)"S" corporation.
• D)corporation.

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Definitions:

Materials Quantity Variance

The difference between the actual amount of materials used in production and the standard amount expected to be used, multiplied by the standard cost per unit of material.

Standard Direct Materials

The pre-determined amount and cost of raw materials used in the production of a product.

Variance

The difference between planned (budgeted) and actual figures in financial and operational contexts, identifying discrepancies.

Standard Costs

Predetermined costs assigned to goods and services, used as benchmarks to measure performance by comparing them with actual costs.