How does a corporate balance sheet illustrate the accounting concept of separate entity?
168.List two places in the financial statements where the corporate form of business is revealed.
169.Why would it be less risky for a wealthy individual to incorporate his or her business rather than to operate it as a sole proprietorship or partnership?
170.Indicate by letter whether each statement below applies to a sole proprietorship (S), partnership (P), or corporation (C). You may use more than one business organization for an answer.
________ a. Separate economic unit
________ b. Life limited by death of owner(s)
________ c. Separate legal entity
________ d. Unlimited liability of owner(s)
________ e. Separation of ownership and control
________ f. Transfer of ownership establishes new company
________ g. Ownership evidenced by stock certificates
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