Which One of the Following Categories of Owners Enjoys Limited

question 18

Multiple Choice

Which one of the following categories of owners enjoys limited liability?

• A)limited liability company general partners
• B)corporation shareholders
• C)sole proprietors
• D)both A and B

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Definitions:

Unearned Service Revenue

Income received by a company for services yet to be performed, considered a liability until the service is delivered.

Legal Services

Professional services offered by qualified attorneys or lawyers that include legal advice, representation in court, and other activities related to the practice of law.

Accumulated Depreciation

The cumulative amount of depreciation expense recorded for an asset from the time of its acquisition.

Contra Asset

An account on a company's balance sheet that reduces the value of a related asset, such as accumulated depreciation.