Exam 3: Business Structures

Limited liability for a company applies to:

Which of the following is not a type of business structure?

An advantage of the company form of business is that:

A partnership has which of these sets of characteristics?

If total liabilities increased by $25 000 and equity increased by $5 000 over a period,then total assets must have changed by?

A small neighbourhood handyman service that is operated by its owner would most likely be organised as a:

A single form used by entities registered for GST to report their business tax obligations to the Australian Tax Office is the ______________ _____________ statement.

The profit for a partnership must be split:

The ________________ of a discretionary trust must pay tax on the amount of income distributed to them from the trust.

The full implementation of differential reporting will come into effect on

An expense in a company's income statement that would not appear in a partnership income statement is:

The difference between the financial statements of a sole trader and a partnership is

Which of these is true for a public company?

Compared to the sole trader,the advantage of the partnership form of business is:

Which of the following does not apply to a partnership?

When a partnership is established,it is good business practice for a written partnership ____________ to be drawn up.

The form of business structure most likely to be used where assets are held for the benefit of other parties is:

The accounting report that lists assets,liabilities and equity is the _______________ _____________.

It is true that most companies:

A business that is owned by shareholders and is a separate legal entity is a _______________.