Tamu acct 229 exam 1 - Study guides, Class notes & Summaries

TAMU ACCT 229 - Exam 1 Latest 2023 Already Passed 3 types of businesses sole proprietorship, partnership, corporation unlimited liability sole proprietorship & partnership limited liability corporation Sole Proprietorship one owner advantage: easy to form separate entity for accounting purposes not a separate entity for legal purposes or tax purposes Partnership two or more owners separate entity for accounting purposes not a separate entity for legal or tax purposes Corporations business i...

ACCT 229 TAMU Exam 1 Questions and Answers 100% Solved business - all activities necessary to provide the members of an economic system with goods and services 3 forms of business organization - -sole proprietorship -partnership -corporation sole proprietorship - one owner advantage: easy to form disadvantage: unlimited liability by the owner partnership - two or more owners; profits or losses are divided among the owners advantage: easy to form disadvantage: unlimited liabilitiy

TAMU ACCT 229 - Exam 1 Questions and Answers 100% Solved 3 types of businesses - sole proprietorship, partnership, corporation unlimited liability - sole proprietorship & partnership limited liability - corporation Sole Proprietorship - one owner advantage: easy to form separate entity for accounting purposes not a separate entity for legal purposes or tax purposes Partnership - two or more owners separate entity for accounting purposes not a separate entity for legal or tax purposes ...

3 types of businesses CORRECT ANSWER sole proprietorship, partnership, corporation unlimited liability CORRECT ANSWER sole proprietorship & partnership limited liability CORRECT ANSWER corporation Sole Proprietorship CORRECT ANSWER one owner advantage: easy to form separate entity for accounting purposes not a separate entity for legal purposes or tax purposes Partnership CORRECT ANSWER two or more owners separate entity for accounting purposes not a separate entity for legal o...

Sole Proprietorship CORRECT ANSWER -one owner -advantage: easy to form -the owner uses it as a separate entity for accounting purposes, but not for legal purposes -unlimited liability Unlimited Liability CORRECT ANSWER The owner is personally and fully responsible for all losses and debts of the business Limited Liability CORRECT ANSWER Can't come after owners for debt Partnership CORRECT ANSWER -two or more owners, which splits up profits and losses -separate entity for accounting ...

TAMU ACCT 229 - Exam 1 Questions and Answers 3 types of businesses -Answer-sole proprietorship, partnership, corporation unlimited liability -Answer-sole proprietorship & partnership limited liability -Answer-corporation Sole Proprietorship -Answer-one owner advantage: easy to form separate entity for accounting purposes not a separate entity for legal purposes or tax purposes Partnership -Answer-two or more owners separate entity for accounting purposes not a separate entity for legal...