Financial Accounting (11th Edition)
11th Edition
ISBN: 9780134127620
Author: Walter T. Harrison Jr., Charles T. Horngren, C. William Thomas, Wendy M. Tietz
Publisher: PEARSON
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Chapter 1, Problem 1QC
To determine
The form of business organization that limits the liability of amount that is invested in business.
Expert Solution & Answer
Answer to Problem 1QC
Option c is the correct answer.
Explanation of Solution
Corporation:
Corporation is the form of organization that has legal existence that is owned and controlled as a single organization which is Separate from its owners.
Corporation is the form of business that is characterized by limited liability. The liability of the firm and its owners are limited and they are obliged to pay only the amount of liability that equalizes the resources of the firm, unless personal-guaranties are given by the owners of the firm.
Thus, according to the above explanation Option c is the correct answer and the other options a, b and d are incorrect.
Conclusion
Therefore, Option C is the correct answer.
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Chapter 1 Solutions
Financial Accounting (11th Edition)
Ch. 1 - Prob. 1QCCh. 1 - Prob. 2QCCh. 1 - Prob. 4QCCh. 1 - Prob. 5QCCh. 1 - Prob. 6QCCh. 1 - Prob. 7QCCh. 1 - Prob. 8QCCh. 1 - Prob. 9QCCh. 1 - Prob. 10QCCh. 1 - Prob. 11QC
Ch. 1 - Prob. 12QCCh. 1 - Prob. 13QCCh. 1 - Prob. 14QCCh. 1 - Prob. 1.1ECCh. 1 - Prob. 1.1SCh. 1 - Prob. 1.2SCh. 1 - LO 4 (Learning Objective 4: Identify income...Ch. 1 - Prob. 1.4SCh. 1 - (Learning Objective 2: Explain underlying...Ch. 1 - Prob. 1.6SCh. 1 - Prob. 1.7SCh. 1 - Prob. 1.8SCh. 1 - Prob. 1.9SCh. 1 - LO 4 (Learning Objective 4: Explain aspects of...Ch. 1 - Prob. 1.11SCh. 1 - Prob. 1.12SCh. 1 - Prob. 1.13SCh. 1 - Prob. 1.14SCh. 1 - Prob. 1.15SCh. 1 - Prob. 1.16SCh. 1 - Prob. 1.17SCh. 1 - Prob. 1.18SCh. 1 - Prob. 1.19AECh. 1 - Prob. 1.20AECh. 1 - Prob. 1.21AECh. 1 - Prob. 1.22AECh. 1 - Prob. 1.23AECh. 1 - Prob. 1.24AECh. 1 - Prob. 1.25AECh. 1 - Prob. 1.26AECh. 1 - Prob. 1.27AECh. 1 - Prob. 1.28AECh. 1 - Prob. 1.29AECh. 1 - Prob. 1.30AECh. 1 - Prob. 1.31BECh. 1 - Prob. 1.32BECh. 1 - Prob. 1.33BECh. 1 - Prob. 1.34BECh. 1 - Prob. 1.35BECh. 1 - Prob. 1.36BECh. 1 - Prob. 1.37BECh. 1 - Prob. 1.38BECh. 1 - Prob. 1.39BECh. 1 - Prob. 1.40BECh. 1 - Prob. 1.41BECh. 1 - Prob. 1.42BECh. 1 - Prob. 1.43QCh. 1 - Prob. 1.44QCh. 1 - Prob. 1.45QCh. 1 - Prob. 1.46QCh. 1 - Prob. 1.47QCh. 1 - Prob. 1.48QCh. 1 - Prob. 1.49QCh. 1 - Prob. 1.50QCh. 1 - Prob. 1.51QCh. 1 - Prob. 1.52QCh. 1 - Prob. 1.53QCh. 1 - Prob. 1.54QCh. 1 - Prob. 1.55QCh. 1 - Prob. 1.56QCh. 1 - Prob. 1.57QCh. 1 - Prob. 1.58APCh. 1 - Prob. 1.59APCh. 1 - Prob. 1.60APCh. 1 - Prob. 1.61APCh. 1 - Prob. 1.62APCh. 1 - Prob. 1.63APCh. 1 - Prob. 1.64BPCh. 1 - Prob. 1.65BPCh. 1 - Prob. 1.66BPCh. 1 - Prob. 1.67BPCh. 1 - Prob. 1.68BPCh. 1 - Prob. 1.69BPCh. 1 - Decision Cases LO 1, 4 (Learning Objectives 1, 4:...Ch. 1 - Prob. 2DCCh. 1 - Prob. 1EI
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