A corporation is best suited for raising large amounts of capital through the sale of stock.

A franchise is a type of business ownership where an individual operates a business under the brand and system of a larger company.

A cooperative is formed by individuals who work together for mutual benefit.

A corporation is legally separate from its owners, providing limited liability protection.

A sole proprietorship is owned and controlled by a single individual.

A Sole Proprietorship is owned by one individual who has full control and unlimited liability.

A sole proprietorship has a single owner who is personally liable for all business debts.

A corporation is characterized by having shareholders who own shares of the company.

A Corporation is most suitable for businesses requiring significant capital investment due to its ability to raise funds through stock.

A sole proprietorship is often most suitable for family-run businesses due to its simplicity and control.

A Corporation allows for easier transfer of ownership through the sale of stock.

A sole proprietorship can be easily dissolved as it is tied directly to the owner.

A Limited Liability Company (LLC) limits the liability of its owners, protecting personal assets from business debts.

Both LLCs and corporations limit the liability of their owners, protecting personal assets from business debts.

A corporation offers limited liability, meaning owners are not personally responsible for the debts of the business.

Both corporations and LLCs provide limited liability protection, shielding owners' personal assets from business debts.

Corporations provide the best protection against personal liability for their owners.

A corporation provides the strongest protection against personal liability for its owners.

LIFO stands for Last In, First Out, meaning the most recently purchased items are sold first.

FIFO (First In, First Out) assumes that the oldest inventory items are sold first.

LIFO results in higher COGS and thus lower net income during inflation, as it accounts for the most recent, higher costs first.

LIFO (Last In, First Out) can lead to lower taxes during inflation as it matches the most recent, higher costs against revenues.

LIFO can lead to tax advantages during inflationary periods as it results in higher COGS and lower taxable income.

All of the above methods can be used by sole traders for inventory valuation.

All of the methods (FIFO, LIFO, and Weighted Average) can be used in partnership accounting depending on the firm's policy.

Partnership firms can use any of the inventory valuation methods, including FIFO, LIFO, and Weighted Average.

LIFO is likely to result in lower taxes during inflationary periods because it reports higher cost of goods sold.

FIFO is most appropriate for perishable goods as it ensures that older inventory is sold first.

LIFO is most commonly used for tax purposes in the United States due to its tax advantages during inflation.

LIFO (Last In, First Out) is commonly used for tax purposes in the U.S. because it can result in lower taxable income during inflationary periods.