Multiple choice: 1. The business entity concept means that: A. the owner of the business entity and the business entity are treated the same from a legal and accounting B. the business entity is organized according to the rules determined by the ASC C. the business entity is organized according to the rules determined by the BOA D. the business entity is considered

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter13: Comparative Forms Of Doing Business

Section: Chapter Questions

Problem 26DQ

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Question

Multiple choice: 1. The business entity concept means that: A. the owner of the business entity and the business entity are treated the same from a legal and accounting B. the business entity is organized according to the rules determined by the ASC C. the business entity is organized according to the rules determined by the BOA D. the business entity is considered a separate entity apart from the owner or owners 2. Liabilities are: A. Insider claims to the business's assets B. Outsider claims to the business's assets C. Economic resources of a business D. Increases in owner's equity earned by delivering goods or services

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