Businesses Can Be Organized in a Variety of Forms

question 118

Multiple Choice

Businesses can be organized in a variety of forms.The types of businesses commonly found in the U.S.include all of the following EXCEPT:

• A) corporations.
• B) state government-run companies.
• C) partnerships.
• D) proprietorships.

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Definitions:

Accumulated Depreciation

The total amount of a tangible asset's cost that has been expensed since the asset was put into use, often shown on the balance sheet as a reduction from the asset's historical cost.

Straight-Line Method

A depreciation approach assigning a consistent depreciation expense amount to an asset throughout its operational lifespan.

Estimated Residual Value

The anticipated market value of an asset at the end of its useful life.

Depreciated

Refers to the reduction in the recorded cost of a fixed asset in a systematic manner over its useful life.