Which Form of Organization Provides Limited Liability for the Firm

question 55

Multiple Choice

Which form of organization provides limited liability for the firm but yet allows the professionals working within that firm to be sued personally?

• A) Limited liability partnership
• B) Limited liability company
• C) Sole proprietorship
• D) Professional corporation

Grasp the concept of operating income and its calculation in a merchandising business.

Identify the primary components and terminology related to credit transactions.

Understand the perpetual and periodic inventory systems and their implications for financial accounting.

Recognize sales discounts and how they are recorded in accounting transactions.