Partnerships and proprietorships:
A) are separate legal entities from their owners, are for small businesses, and for financial reporting purposes do not keep the business affairs separate from those of the owners.
B) are separate legal entities from their owners, are for small to large businesses, and for financial reporting purposes keep the business affairs separate from those of the owners.
C) are not separate legal entities from their owners, are for small to large businesses, and for financial reporting purposes do not keep the business affairs separate from those of the owners.
D) are not separate legal entities from their owners, are for small to large businesses, and for financial reporting purposes keep the business affairs separate from those of the owners.
Correct Answer:
Verified
Q33: Which of the following statements is false?
A)Reliable
Q34: The reliability characteristic means that accounting information
Q35: Which of the following types of organizations
Q36: Which of the following statements is correct?
A)Businesses
Q37: The Accounting Standards Board is responsible for
Q39: List and define three generally accepted accounting
Q40: GAAP stands for:
A)generally accepted auditing practices.
B)generally accrued
Q41: All of the following are assets except:
A)land.
B)cash.
C)Accounts
Q42: The accounting equation can be stated as:
A)Assets
Q43: Assets are economic resources of a business
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