Identify which of the following statements are true for the corporate form of organization. (You may select more than one answe Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer.) Ownership rights cannot be easily transferred. ? Owners have unlimited liability for corporate debts. ?Capital is more easily accumulated than with most other forms of organization. ? Corporate income that is distributed to shareholders is usually taxed twice. ? It is a separate legal entity. ?It has a limited life. ? Owners are not agents of the corporation.

Identify which of the following statements are true for the corporate form of organization. (You may select more than one answe Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer.) Ownership rights cannot be easily transferred. ? Owners have unlimited liability for corporate debts. ?Capital is more easily accumulated than with most other forms of organization. ? Corporate income that is distributed to shareholders is usually taxed twice. ? It is a separate legal entity. ?It has a limited life. ? Owners are not agents of the corporation.

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter3: Corporations: Introduction And Operating Rules

Section: Chapter Questions

Problem 17DQ

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Which of the following statements always apply to corporations? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) check all that apply Unlimited liability Limited life Ownership can be transferred without affecting operations Managers can be fired with no effect on ownership
Which of the following are correct descriptions of large corporations? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) check all that apply Managers no longer have the incentive to act in their own interests.unanswered The corporation survives even if managers are dismissed.unanswered Shareholders can sell their holdings without disrupting the business.unanswered Corporations, unlike sole proprietorships, do not pay tax; instead, shareholders are taxed on any dividends they receive.
The corporation is the most effective form of business organization because the corporation has: Select one: a) easier access to financial capital through selling bonds and stocks b) an unlimited liability toward the stock owners c) the problem of double taxation with respect to the corporate income d) a lot of skilled and semi-skilled labourers e) more freedom of action with respect to management
Why does financial accounting have a positive impact on our society? a. It entails a detailed transaction record necessary for filing taxes with the Internal Revenue Service (IRS).b. It allows investors and creditors to redirect their resources to successful companies and away from unsuccessful companies.c. It prevents competitors from being able to steal the company’s customers.d. It provides a system of useful internal reports for management decision making.
Under the corporate form of business organization, Group of answer choices a)ownership rights are easily transferred b)a stockholder is personally liable for the debts of the corporation c)stockholders’ acts can bind the corporation even though the stockholders have not been appointed as agents of the corporation d)stockholders wishing to sell their corporate shares must get the approval of other stockholders
please answer correct in detail Identify each of the following characteristics as being an advantage or a disadvantage of the corporate form of business or not applicable to the corporate form of business organization. 4. Unlimited liability of owners 5. Government regulations 6. Seperation of ownership and management
You need to go the office of DTI if you will register your corporation. true or false? Registering your business trade name is done in the office of SEC C. Mayor’s Office DTI D. Philhealth Office Which of the following is not a benefit of record keeping? It will not help in managing potential risks. It will measure profit and performance. It will protect the rights of the owner. It will not let you know how much you are earning.
4. Match the description with its appropriate term. Group choices: a. Chief Financial Officer b. Financial Analyst c. Enrolled Agent d. Chief Executive Officer e. Controller f. Cash Managemnet Accountant Has responsibilities that include transferring monies between accounts and monitoring deposits? The corporation officer who has the overall responsibility of the management of a company? A corporate officer who reports to the chief executive officer and oversees all of the accounting and finance concerns of a company? The financial officer of a corporation reporting to the chief financial officer who is responsible for the accounting records and financial statements? A credential focusing on a career in taxation created by the IRS to signify significant knowledge of the US tax code? Someone who assists in preparing budgets, tracking actual costs and performs other tasks that support other management personnel in organizing forecasts and projections?
Which of the following is not an advantage of the corporate form of business organization? a) unlimited life b) transferability of ownership c) limited liabilitiy of stockholders d) unlimited personal. liability for stockholders
Al Waha is a legal enterprise, and the company is paying a massive amount of taxes to the government along with the complicated rules and regulations. The company is dealing with both stockholders and stakeholders to further proceed with the business. The type of business ownership is a .LLP b .LLC c . Sole proprietorship d .Corporation
For financial accounting purposes companies are a form of business ownership. Select one: True False
Which of the following is the primary element that distinguishes accounting for corporations from accounting for partnerships? a. The corporation draws a sharper distinction in accounting for sources of capital. b. The entity theory relates primarily to the other forms of business organization. c. In a corporation, retained earnings may be reduced only by the declaration of dividends. d. Generally accepted accounting principles apply to corporations but have relatively little applicability to other forms of business organizations.