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10 the sec uses financial information to determine a company 39 s tax base 11 the ow 4301922


10. The SEC uses financial information to determine a company's tax base. 

11. The owners and managers of a business are the only users of the Financial Information. 

12. The death or withdrawal of one partner ends the partnership. 

13. Anyone can invest in a closely held corporation. 

14. When a business is organized as a sole proprietorship, the owner may combine his/her personal financial information with the business financial information. 

15. A business partnership can have only two partners. 

16. In a sole proprietorship, the owner is responsible for the debts of the business if the firm is unable to pay. 

17. The separate entity assumption applies only to the corporate form of business. 

18. Currently, generally accepted accounting principles are developed by the American Institute of Certified Public Accountants (AICPA). 

19. The Securities and Exchange Commission (SEC) requires that publicly owned corporations submit financial statements to it each year. 

20. The financial statements and the auditor's report must be made available to stockholders of publicly owned corporations. 

21. As the first step in the development of generally accepted accounting principles, the FASB writes an exposure draft, which explains the topic under consideration. 



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