Exploring Business Organizations
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Questions and Answers

Which form of business organization is owned by an individual who is personally liable for the venture's liabilities?

  • Sole Proprietorship (correct)
  • General Partnership
  • Corporation
  • Limited Partnership

    • What is the term for the personal obligation to pay a venture's liabilities not covered by the venture's assets?

  • Unlimited liability (correct)
  • Personal liability
  • Joint liability
  • Limited liability

    • In a partnership, how are the partners jointly treated in legal action?

  • Individually
  • Equally as a group (correct)
  • Based on their investment
  • Based on their experience

    • What type of partnership allows subsets of partners to be the object of legal action related to the partnership?

    <p>Limited Liability Partnership</p> Signup and view all the answers

    Which form of business organization limits limited partner liabilities in a partnership?

    <p>Limited Partnership</p> Signup and view all the answers

    Which one of the following is a basic accounting concept that reflects the usage and wearing out of a fixed asset?

    <p>Accumulated Depreciation</p> Signup and view all the answers

    Which financial statement provides a snapshot of a venture's financial position as of a specific date?

    <p>Balance Sheet</p> Signup and view all the answers

    What is the formula for calculating the total assets of a venture?

    <p>Total Assets = Total Liabilities + Owners' Equity</p> Signup and view all the answers

    Which one of the following is NOT an example of an asset?

    <p>Accounts Payable</p> Signup and view all the answers

    What are Generally Accepted Accounting Principles (GAAP)?

    <p>Guidelines for presenting accounting information</p> Signup and view all the answers

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