AC2 - its owners. (Points: 1) Unlimited liability...

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1. Which one of the following represents a residual interest? (Points: 1) assets liabilities owner's Equity 2. The organizational form having limited liability is the __________. (Points: 1) sole proprietorship partnership corporation 3. The balance sheet depicts the __________ of an entity. (Points: 1) financial position profitability cash flows viability 4 . Which one of the following could be a disadvantage of the corporate organizational structure? Hint: Most characteristics of the corporate form stem from the fact that the entity is legally distinct from
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Unformatted text preview: its owners. (Points: 1) Unlimited liability Continuity of existence Easy transfer of ownership Taxability as a separate entity 5. Which one of the following items found on a balance sheet is not a claim against an entity's resources? Hint: Remember what general classes of items constitute claims against resources. Also, consider what the term "resources" means. (Points: 1) Merchandise Inventory Notes Payable Accounts Payable Capital...
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