For Accounting Purposes, the Business Entity Should Be Considered Separate

question 41

Multiple Choice

For accounting purposes, the business entity should be considered separate from its owners in which of the following forms of business?

• A) a corporation
• B) a proprietorship
• C) a partnership
• D) all of these

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Definitions:

Frustration

A feeling of upset or annoyance as a result of being unable to change or achieve something.

Aggression Levels

The degree or intensity of aggressive behaviors or tendencies displayed by an individual.

Parol Evidence Rule

A rule in contract law that prevents the parties to a written contract from presenting extrinsic evidence of terms that would contradict or add to the written agreement.

Express Disclaimer

A clear and unequivocal statement ensuring that certain facts or rights are not implied from a document or statement.