Unlimited liability and separate taxation of the business are advantages of a sole proprietorship. True Answer: B Explanation: Diff: 2 Generally Accepted Accounting Principles Learning Objective: 01-C4 Explain generally accepted accounting principles and define and apply several accounting principles. Bloom's: Understand AACSB: Communication AICPA: FN Decision Making; BB Legal Understanding generally accepted accounting principles is not necessary to effectively use and interpret financial statements. True Answer: B Explanation: Diff: 2 Topic: Generally Accepted Accounting Principles Learning Objective: 01-C4 Explain generally accepted accounting principles and define and several accounting principles. Bloom's: Understand Communication BB Industry; FN Decision Making The International Accounting Standards board (IASB) has the authority to impose its standards on companies around the world. True False Answer: B Explanation: Diff: 2 Topic: Generally Accepted Accounting Principles Learning Objective: 01-C4 Explain generally accepted accounting principles and define and apply several accounting principles. Bloom's: Understand AACSB: Communication AICPA: FN Reporting; BB Global
Unlimited liability and separate taxation of the business are advantages of a sole proprietorship. True Answer: B Explanation: Diff: 2 Generally Accepted Accounting Principles Learning Objective: 01-C4 Explain generally accepted accounting principles and define and apply several accounting principles. Bloom's: Understand AACSB: Communication AICPA: FN Decision Making; BB Legal Understanding generally accepted accounting principles is not necessary to effectively use and interpret financial statements. True Answer: B Explanation: Diff: 2 Topic: Generally Accepted Accounting Principles Learning Objective: 01-C4 Explain generally accepted accounting principles and define and several accounting principles. Bloom's: Understand Communication BB Industry; FN Decision Making The International Accounting Standards board (IASB) has the authority to impose its standards on companies around the world. True False Answer: B Explanation: Diff: 2 Topic: Generally Accepted Accounting Principles Learning Objective: 01-C4 Explain generally accepted accounting principles and define and apply several accounting principles. Bloom's: Understand AACSB: Communication AICPA: FN Reporting; BB Global