The _____ reports the financial position of a firm by identifying ...

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The _____ reports the financial position of a firm by identifying and reporting the value of the firm's assets, liabilities, and owners' equity.
 A) balance sheet
  B) profit and loss statement
  C) statement of retained earnings
  D) statement of cash flows

Question 2

Judy Barnes, Betty Turley, and Bob Turner want to obtain limited liability for their business, but they want to avoid double taxation. Which type of business ownership would you recommend?
 A) Regular corporation
  B) General partnership
  C) Sole proprietorship
  D) S-corporation
  E) Not-for-profit corporation

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Answer to Question 1

A

Answer to Question 2

D