Which of the Following Legal Forms of Organization's Income Is

question 65

Multiple Choice

Which of the following legal forms of organization's income is NOT taxed under individual income tax rate?

• A) Sole proprietorships.
• B) Partnerships.
• C) Limited partnership.
• D) Corporation.

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Definitions:

Production and Delivery

The process and logistics involved in creating products and getting them to the customer.

Indirect Method

A way of preparing the cash flow statement where net income is adjusted for changes in balance sheet items to derive cash flow from operating activities.

Depreciation Expense

The method of allocating the cost of a tangible asset over its useful life, representing the reduction in value of an asset over time.

IFRS

International Financial Reporting Standards, a set of accounting rules and standards for financial reporting used across the globe.