My Subscriptions / Courses / ACC110:Spring 2018-Intro to Financial REporting / Chapter 1 / Chapter 1 Quiz Started on Friday, 26 January 2018, 9:44 PM State Finished Completed on Friday, 26 January 2018, 9:51 PM Time taken 7 mins 19 secs Grade 9.00 out of 10.00 ( 90 %) QUESTION 1 Correct Mark 1.00 out of 1.00 Which form of business organization is characterized by the attribute of double taxation? Select one: Sole proprietorship Partnership Corporation Both sole proprietorship and partnership. The correct answer is: Corporation QUESTION 2 Correct Mark 1.00 out of 1.00 What is the principal difference between a sole proprietorship and a partnership? Select one: Limited liability Double taxation of partnership income The number of owners Relative ease of ownership transfer The correct answer is: The number of owners
QUESTION 3 Correct Mark 1.00 out of 1.00 U.S. GAAP refers to: Select one: A set of accounting standards used worldwide A set of accounting standards approved by the U.S. Congress A rigid set of accounting standards that must be uniformly applied by all U.S.
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