In a close corporation, the controlling shareholders are usually the only people who manage and operate the com True or False True False
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- 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 stockholdersWhich 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 stockholdersWhich 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.
- Andrea has prepared the following list of statements about corporations.Identify each statement as true or false. 1. Corporation management is both an advantage and a disadvantage of a corporation compared to a proprietorship or a partnership. TrueFalse 2. Limited liability of stockholders, government regulations, and additional taxes are the major disadvantages of a corporation. TrueFalse 3. When a corporation is formed, organization costs are recorded as an asset. TrueFalse 4. Each share of common stock gives the stockholder the ownership rights to vote at stockholder meetings, share in corporate earnings, keep the same percentage ownership when new shares of stock are issued, and share in assets upon liquidation. TrueFalse 5. The number of issued shares is always greater than or equal to the number of authorized shares. TrueFalse 6. A journal entry is required for the authorization of capital stock. TrueFalse 7.…Which of the following is not an advantage of the corporate form of business? a. limited liability b. easy transferability of shares c. enhanced ability to raise capital d. lack of government regulationCharacteristics of a corporation include a.shareholders who are mutual agents b.direct management by the shareholders (owners) c.shareholders who have limited liability d.its inability to own property
- Identifying advantages and disadvantages of a corporation Following is a list of advantages and disadvantages of the corporate form of business. Identify each quality as either an advantage or a disadvantage. Ownership and management are separated. The entity has a continuous life. Transfer of ownership is easy. Stockholders’ liability is limited. Exposure to double taxation is evident. The entity can raise more money than a partnership or sole proprietorship. Government regulation is expensive.Characteristics of a corporation include Group of answer choices shareholders who are mutual agents direct management by the shareholders (owners) its inability to own property shareholders who have limited liabilityWrite T or F. Then briefly explain. In a corporation, minority shareholders are compliant to the wishes of the majority.
- the advantage of a corporation from a partnership is a. The death of a shareholder will not dissolve the corporation because its power of succession. b. Its management is centralized on the board of director c. shareholders have limited liability d. shareholders are not general agents of the business e. All of the aboveWhich of the following statements is false concerning forms of businessorganization? a. A corporation has tax advantages over the other forms of businessorganization.b. It is easier for a corporation to raise large sums of money than it isfor a sole proprietorship or partnership.C. A sole proprietorship is an easy type of business to form.d. Owners Of sole proprietorships and partnerships have personalliability for the debts of the business while owners of corporationshave limited legal liability.True or false Corporations are legal entities separate from their owners and offer the advantage of limited liability to the shareholders__________________________. Common stock carries voting privileges while preferred stock gives up this right to receive a dividend preference________________________. The board of directors who are responsible for dividends creates the liability for dividends on the declaration date ___________________________.