According to the Entity Concept

question 46

Multiple Choice

According to the entity concept
I.a sole proprietorship is similar to a conduit entity.
II.a sole proprietor cannot convert nondeductible personal items into deductible business items by commingling expenditures.
III.a partnership is an example of a mixture of a taxable and a conduit entity.
IV.an S corporation is a tax paying entity.
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• A)Statements I and II are correct.
• B)Statements II and III are correct.
• C)Only statement IV is correct.
• D)Statements I, II, and III are correct.
• E)Statements I, II, and IV are correct.

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Definitions:

Plasmids

Small, circular, double-stranded DNA molecules, distinct from a cell's chromosomal DNA, that can replicate independently and are found primarily in bacteria.

Cloning Vectors

DNA molecules used to transfer foreign genetic material into a host cell, where it can be replicated and possibly expressed.

DNA Fragments

Pieces of DNA that are the result of cutting DNA strands into smaller segments using restriction enzymes.

Infect

To introduce or transmit diseases or agents (like bacteria, viruses, or fungi) into an organism, causing illness or disease.