Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
8th Edition
ISBN: 9781305961883
Author: Carl Warren
Publisher: Cengage Learning
Question
Chapter 1, Problem 1SEQ
To determine

Concept Introduction:

Forms of business organization: A business can be started in any form of business organization. The form of business organization can be a sole proprietorship, a general partnership, a limited partnership, a limited liability partnership, S corporation, a corporation or a limited liability company.

To choose:

The correct type of the organization

Expert Solution & Answer
Check Mark

Answer to Problem 1SEQ

D. Corporation

Explanation of Solution

Explanation for correct answer:

A Corporation has a separate legal entity and its owners own shares in its capital. Hence the correct answer is D.

Explanation for incorrect answers:

A. A proprietorship does not have a separate legal entity. Hence this option is not correct.

B. A service business does not necessarily have a separate legal entity. Hence this option is not correct.

C. A partnership does not have a separate legal entity. Hence this option is not correct.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!
Students have asked these similar questions
Compare and contrast the three major forms of business organization which are sole proprietorship, partnership and corporation. Also, relate the scope of the role of a financial manager within these business organization.
Of the following forms of business organization, which have stockholders with limited liability? a) limited partnerships b) partnerships c) corporations d) proprietorships
In accounting, an economic entity may be defined as- a. a business enterprise                                  c. an individualb. a division within a business enterprise      d. any of these

Chapter 1 Solutions

Survey of Accounting (Accounting I)

Ch. 1 - Prob. 6CDQCh. 1 - Prob. 7CDQCh. 1 - Prob. 8CDQCh. 1 - Prob. 9CDQCh. 1 - Prob. 10CDQCh. 1 - Briefly describe the nature of the information...Ch. 1 - Prob. 12CDQCh. 1 - What particular item of financial or operating...Ch. 1 - Prob. 14CDQCh. 1 - On October 1, Wok Repair Service extended an offer...Ch. 1 - Prob. 16CDQCh. 1 - Prob. 1.1ECh. 1 - Prob. 1.2ECh. 1 - accounting equation The total assets and total...Ch. 1 - accounting equation The total assets and total...Ch. 1 - accounting equation Determine the missing amount...Ch. 1 - accounting equation Determine the missing amounts...Ch. 1 - Net income and dividends The income statement of a...Ch. 1 - Net income and stockholders’ equity for four...Ch. 1 - Accounting equation and Income statement Staples,...Ch. 1 - Prob. 1.10ECh. 1 - Income statement items Based on the data presented...Ch. 1 - Financial statement items Identify each of the...Ch. 1 - Statement of stockholders’ equity Financial...Ch. 1 - Income statement Maynard Services was organized on...Ch. 1 - Prob. 1.15ECh. 1 - Balance sheets, net income Financial information...Ch. 1 - Financial statements Each of the following items...Ch. 1 - Statement of cash flows Indicate whether each of...Ch. 1 - Prob. 1.19ECh. 1 - Statement of cash flows Looney Inc. was organized...Ch. 1 - Prob. 1.21ECh. 1 - Financial statement items Amazon.com, Inc., (AMZN)...Ch. 1 - Income statement Based on the Amazon.com, Inc.,...Ch. 1 - Financial statement items Though the McDonald’s...Ch. 1 - Financial statements Outlaw Realty, organized...Ch. 1 - Accounting concepts Match each of the following...Ch. 1 - Prob. 1.27ECh. 1 - Income statement, retained earnings statement, and...Ch. 1 - Income statement, retained earnings statement, and...Ch. 1 - Income statement, retained earnings statement, and...Ch. 1 - Prob. 1.2.1PCh. 1 - Missing amounts from financial statements Obj.4...Ch. 1 - Income statement, retained earnings statement, and...Ch. 1 - Income statement, retained earnings statement, and...Ch. 1 - Income statement, retained earnings statement, and...Ch. 1 - Statement of cash flows The following cash data...Ch. 1 - Financial statements, including statement of cash...Ch. 1 - Financial statements, including statement of cash...Ch. 1 - Financial statements, including statement of cash...Ch. 1 - Financial statements, including statement of cash...Ch. 1 - Quantitative metrics Interpublic Group of...Ch. 1 - Prob. 1.1.2MBACh. 1 - Quantitative metrics JetBlue Airways Corporation...Ch. 1 - Prob. 1.2.2MBACh. 1 - Return on assets The financial statements of The...Ch. 1 - Prob. 1.3.2MBACh. 1 - Prob. 1.3.3MBACh. 1 - Prob. 1.3.4MBACh. 1 - Return on assets The financial statements of The...Ch. 1 - Return on assets The financial statements of The...Ch. 1 - Return on assets The financial statements of The...Ch. 1 - Return on assets The following data (in millions)...Ch. 1 - Return on assets The following data (in millions)...Ch. 1 - Return on assets The following data (in millions)...Ch. 1 - Prob. 1.4.4MBACh. 1 - Return on assets The following data (in millions)...Ch. 1 - Return on assets Pfizer Inc. (PFE) discovers,...Ch. 1 - Return on assets Pfizer Inc. (PFE) discovers,...Ch. 1 - Prob. 1.5.3MBACh. 1 - Prob. 1.6.1MBACh. 1 - Return on assets ExxonMobil Corporation (XOM)...Ch. 1 - Return on assets ExxonMobil Corporation (XOM)...Ch. 1 - Return on assets Tiffany & Co. (TIF) designs and...Ch. 1 - Return on assets Tiffany & Co. (TIF) designs and...Ch. 1 - Prob. 1.1CCh. 1 - Ethics and professional conduct in business...Ch. 1 - Prob. 1.2.2CCh. 1 - How businesses make money Assume that you are the...Ch. 1 - How businesses make money Assume that you are the...Ch. 1 - How businesses make money Assume that you are the...Ch. 1 - Prob. 1.4CCh. 1 - The accounting equation Review financial...Ch. 1 - Prob. 1.6C
Knowledge Booster
Similar questions
    • SEE MORE QUESTIONS
    Recommended textbooks for you
  • EBK CFIN
    Finance
    ISBN:9781337671743
    Author:BESLEY
    Publisher:CENGAGE LEARNING - CONSIGNMENT
    SWFT Corp Partner Estates Trusts
    Accounting
    ISBN:9780357161548
    Author:Raabe
    Publisher:Cengage
    SWFT Essntl Tax Individ/Bus Entities 2020
    Accounting
    ISBN:9780357391266
    Author:Nellen
    Publisher:Cengage
  • Principles of Accounting Volume 1
    Accounting
    ISBN:9781947172685
    Author:OpenStax
    Publisher:OpenStax College
  • EBK CFIN
    Finance
    ISBN:9781337671743
    Author:BESLEY
    Publisher:CENGAGE LEARNING - CONSIGNMENT
    SWFT Corp Partner Estates Trusts
    Accounting
    ISBN:9780357161548
    Author:Raabe
    Publisher:Cengage
    SWFT Essntl Tax Individ/Bus Entities 2020
    Accounting
    ISBN:9780357391266
    Author:Nellen
    Publisher:Cengage
    Principles of Accounting Volume 1
    Accounting
    ISBN:9781947172685
    Author:OpenStax
    Publisher:OpenStax College