Listed below are several statements regarding different forms of business organization. For each statement, indicate if that statement is true or false for each proprietorship and partnership. (a) Owners have limited liability. (b) Records of the business are combined with the personal records of the owner or owners. (c) Required to follow IFRS. (d) Pays income taxes on its profits. (e) Owners are called "shareholders." (f) Will have more than one owner. (g) Has a limited life. (h) Has a separate legal existence from its owners.
Listed below are several statements regarding different forms of business organization. For each statement, indicate if that statement is true or false for each proprietorship and partnership. (a) Owners have limited liability. (b) Records of the business are combined with the personal records of the owner or owners. (c) Required to follow IFRS. (d) Pays income taxes on its profits. (e) Owners are called "shareholders." (f) Will have more than one owner. (g) Has a limited life. (h) Has a separate legal existence from its owners.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Listed below are several statements regarding different forms of business organization. For each statement, indicate if that statement is true or false for each proprietorship and partnership.
(a)
Owners have limited liability.
(b)
Records of the business are combined with the personal records of the owner or owners.
(c)
Required to follow IFRS.
(d)
Pays income taxes on its profits.
(e)
Owners are called "shareholders."
(f)
Will have more than one owner.
(g)
Has a limited life.
(h)
Has a separate legal existence from its owners.
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