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- Study guides, Class notes & Summaries
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1. A business entity is an individual, association, or organization with control over economic resources
and which engages in economic activities.
ANS: T PTS: 1 DIF: Difficulty: Easy
OBJ: LO: 2-1 NAT: BUSPROG: Communication STA: AICPA BB-Industry
TOP: ACBSP: APC-03-Business Forms KEY: Bloom's: Knowledge
NOT: 1 min.
2. Liabilities represent an "inside" interest in a business.
ANS: F PTS: 1 DIF: Difficulty: Easy
OBJ: LO: 2-1 NAT: BUSPROG: Communication STA: AICPA BB-Industry
TOP: ACBSP...
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