2439258
| Question | Answer |
| Proprietorship | One owner entity |
| Faithful representation | Asserts that data are (sic) complete, neutral, and free from material error |
| Partnership | Has unlimited liability |
| Stock | Individual units are referred to as shares |
| Limited Liability Company | Type of entity that is designed to limit personal liability exposure |
| Limited liability | One of the chief advantages of a corporation |
| FASB | Financial Accounting Standards Board; Main promulgator of accounting rules |
| Cost principle | States transactions should be recorded at the price that was paid. |
| Revenues of $80k and expenses of $105k results in? | Net loss of $25k |
| Creditors | Person or business extending credit |
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