A corporation:
A. Is a business legally separate from its owners.
B. Is controlled by the FASB.
C. Has shareholders who have unlimited liability for the acts of the corporation.
D. Is the same as a limited liability partnership.
E. All of these.
Answer: A
Learn More :
ACC Chapter 1
- The accounting assumption that requires every business to be accounted for separately from other business entities, including its owner or owners is known as the:
- The private group that currently has the authority to establish generally accepted accounting principles is the:
- The committee that attempts to create more harmony among the accounting practices of different countries by identifying preferred practices and encouraging their worldwide acceptance is the:
- The rules adopted by the accounting profession as guides in preparing financial statements are:
- Businesses can take the following form(s):
- The accounting guideline that requires financial statement information to be supported by independent, unbiased evidence other than someone's belief or opinion is the:
- Social responsibility:
- Ethical behavior requires:
- A Certified Public Accountant
- Accounting certifications include the:
- Career opportunities in accounting include:
- External users of accounting information include:
- The operating functions of a business include:
- The area of accounting aimed at serving the decision making needs of internal users is:
- Internal users of accounting information include:
- The primary objective of financial accounting is:
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