ID: A Class: Date: COUNTING PRINCIPLES I -FINANCIAL TEST #1-CH, 1- FALL, 2017 An

Question

ID: A Class: Date: COUNTING PRINCIPLES I -FINANCIAL TEST #1-CH, 1- FALL, 2017 Answer 1. Indicate by letter corporation (C). You may use more than one business organization for an answer whether each statement below applies to a sole proprietorship (S), partnership (P), or a. Separate economic unit b. Income is not subject to business tax income c. Separate legal entity d. Unlimited liability of owner(s) e. Separation of ownership and control f. Transfer of ownership does not affect the continuity of business. g. Ownership evidenced by stock certificates

Explanation / Answer

a corporation, partnership b proprietorship c corporation, partnership d proprietorship, partnership e corporation f corporation g corporation

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