A drawback of a sole proprietorship is: O a. the unlimited liability of the partners. Ob. conflicts with partners. O c. the complexity and cost to keep the records required by law. O d. its continued xistence regardless of whether the owner lives or dies. O e. difficulty in obtaining financing. AssignmentMain do?takorrianmonti 0065
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- Which of the following is not an objective of administration? A. To rescue a company in financial difficulty to allow it to continue as a going concern B. To realise property to pay one or more secured or preferential creditors C. To wind up the company and cease its operations D. To achieve a better result for the creditorsWhich of the following is an advantage of a sole proprietorship? a. The owner has unlimited liability. b. The business ceases to exist when the owner dies. c. Profits are taxed as individual income. d. The owner enjoys lack of continuity. e. There is a limit to the amount one person can borrow.Which of the following are not the rights of the auditors? a) The right to all information and explanations (from management) necessary for the proper conduct of the audit. b) The right to receive notice of all meetings of the directors and to attend those meetings. c) The right to speak at shareholders’ meetings on matters affecting the Management. d) The right to visit the branches of the client and right to access all accounting books and records. e) The right to examine and evaluate financial and information systems, recommending controls to ensure system reliability and data integrity f) The right to review data about material assets, net worth, liabilities, capital stock, surplus, income and expenditures Only d) , e) and f) All a) , b) , c) , d) and e) Only b) and c) Only b
- Corporate foundations make up 90% of the foundation subsector. A. True B. False7. Which of the following three statements are true about Limited Liability Companies (LLCs)? Group of answer choices A. Unlike S corps, LLCs are more flexible and can have members that are corporations or partnerships B. Corporations have an advantage over LLCs because the law of corporations is more established and predictable C. LLC members can freely transfer their right to receive a check, but not their right to participate in decsion-making D. All of the above E. None of the aboveSandy works for RigorMart. She supervises regional managers and directs them based on orders from the board of directors. Sandy’s position also entitles her to stock ownership in the company. What is Sandy’s position in the company? Executive and shareholder Executive, shareholder, and director Executive Shareholder
- Which of the following statement describe a sole proprietorship? a. Owner in sole proprietorship has less responsibility in running his business compared to partnership b. The owner of sole proprietorship has less available capital compared to partnership c. The sole proprietorship business has unlimited capital compared to partnership d. The liability of sole proprietor is limited compared to partnershipWhich of the following is NOT true regarding agency costs and agency problems? Group of answer choices A)The cost of video cameras installed in stores to limit shirking by managers is a direct agency corporation B)A number of features of a modern economy moderate the potential impact of agency costs. C)A store manager purchases a corporate jet without authorization. This is an example of a direct agency cost. D)The potential for agency problems are larger in a corporation than in a sole proprietorship.All except which one of the following is an advantage of the corporate form of business organization? a. The corporation is a legal entity and can sue and be sued without involvement of its owners b. The corporation as unlimited life. c. The corporation has greater access to financial capital because of its ability to issue stocks and bonds. d. The corporation is the easiest and cheapest kind of business organization to form.
- 5. Which of the following distinguishes a partnership from a corporation? A) A partnership is formed by two or more owners. B) There is a relative ease in financing the operations and investments of the company due to owners pooling their resources. C) Multiplicity of owners is beneficial for brainstorming. D) The liability of the firm generally extends to its owners. 6. Which of the following best describes agency cost? A) Costs involved with any effort to minimize the conflict between the principal's interest and the 2/3. B) Cost incurred by an agent to facilitate the creation of an agency relationship with theirprincipal. C) Cost incurred by a principal to establish an agency. D) Agency costs are irrelevant costs that are not measurable nor recognized in the face of the Financial Statement and is therefore not a cost to a company. in the long-term. 7. Which of the following is a valid reason why Financial Managers should put emphasis on long-term growth rather than short-term profit…Where a resolution was passed at a meeting which lacked the required quorum.Select one:a. Members have 24 hours to demand that company directors call an extraordinary general meetingb. The resolution is automatically invalidc. Members holding at least 10% of the shares in the company can vote to reverse the resolutiond. The resolution is automatically valid, unless overturned by court orderWhich of the following is a goal of bankruptcy law? a. to provide relief and protection to debtors b. to provide a fair means of distributing a debtor's assets among creditors c. to pay all creditors in full d. to provide relief and protection to debtors and to provide a fair means of distributing a debtor's assets among creditors