Which of the Following Forms of Business Organization Has Continuity

question 126

Multiple Choice

Which of the following forms of business organization has continuity if an owner dies?

• A) partnership
• B) proprietorship
• C) corporation
• D) All of the above are correct.

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Definitions:

Work in Process Inventory

Represents the cost attributed to partially completed goods, which are still being manufactured.

Payroll Payable

Liabilities for wages owed but not yet paid to employees for work performed within a defined period.

Estimated Overhead Application Rate

A calculation used to estimate the amount of overhead to allocate to each unit of production or service, based on a pre-determined base.

Raw Materials

The basic, unprocessed inputs used in manufacturing to produce finished goods.