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Fundamental Accounting Principles Study Set 5
Quiz 1: Accounting in Business
A Limited Liability Company Offers the Limited Liability of a Partnership
Question 34
True False
A limited liability company offers the limited liability of a partnership or proprietorship and the tax treatment of a corporation.
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Q 35
In the U.S., the Securities and Exchange Commission (SEC) is a government agency that has legal authority to establish GAAP.
Q 36
The three common forms of business ownership include sole proprietorship, partnership, and non-profit.
Q 37
The three major types of business activities are operating, financing, and investing.
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