Which of the Following Statements About Unincorporated Associations Is NOT

question 17

Multiple Choice

Which of the following statements about unincorporated associations is NOT correct?

• A)The unincorporated association cannot be sued.
• B)The liability of members is limited to the amount of their subscription.
• C)The committee members are not personally liable to third parties in contract.
• D)The unincorporated association has no separate legal personality.

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Definitions:

Operating Revenue

Income earned from a company's primary business activities, excluding non-operating income sources like investments.

Operating Expenses

Costs associated with the operation of a business, such as rent, utilities, and payroll, that are not directly tied to the production of goods or services.

Loss on Disposal

The financial loss recognized when the selling price of an asset is less than its carrying amount on the balance sheet.

Operating Expenses

Expenses incurred in the normal operations of a business, including costs such as rent, salaries, and utilities, but not including cost of goods sold.