Question: 1. What are the three major legal forms of business organizations? Which one is chosen by most of the largest companies in the United States?
2. Provide the basic definition for each of the account types: assets, liabilities, stockholders' equity, dividends, revenues, and expenses.
3. What are the major advantages and disadvantages of each of the legal forms of business organizations?
4. What are the four primary financial statements? What basic information is shown on each?