Corporation: A business concern where there is a separate legal entity, and are owned by shareholders, are classified as corporation. Transfer of ownership and raising funds are easy in this form of organization. The liabilities of the stockholders to its creditors is limited up to their invested capital amount in the corporation. To indicate: whether each of the given statements is true or false.

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Answer 1

Question

Chapter 11, Problem 11.1DIE

1.

To determine

Corporation: A business concern where there is a separate legal entity, and are owned by shareholders, are classified as corporation. Transfer of ownership and raising funds are easy in this form of organization. The liabilities of the stockholders to its creditors is limited up to their invested capital amount in the corporation.

To indicate: whether each of the given statements is true or false.

2.

To determine

To indicate: whether each of the given statements is true or false.

3.

To determine

To indicate: whether each of the given statements is true or false.

4.

To determine

To indicate: whether each of the given statements is true or false.

5.

To determine

To indicate: whether each of the given statements is true or false.

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Students have asked these similar questions

Which 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.

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.

Direction: Write T if the statement is correct and F if the statement is incorrect. On the space provided, explain using the concepts discussed why your answer to a statement is T or F. 1. A corporation can be formed by mere agreement among shareholders. 2. Shareholders are not liable to corporate obligations in excess of their contribution. 3. Authority of the corporation to operate has to be granted by the state. 4. Death of a shareholder will dissolve the corporation. 5. Shares cannot be transferred without the consent of the other shareholders. 6. All incorporators are subscribers but a subscriber need not be an incorporator. 7. The ultimate control of the corporation rests with the board of directors. 8. Shareholders can transact business on behalf of the corporation. 9. All incorporators are shareholders but not all shareholders are incorporators. 10. In a corporation, minority shareholders are compliant to the wishes of the majority.

Answer 2

Question

Chapter 11, Problem 11.1DIE

1.

To determine

Corporation: A business concern where there is a separate legal entity, and are owned by shareholders, are classified as corporation. Transfer of ownership and raising funds are easy in this form of organization. The liabilities of the stockholders to its creditors is limited up to their invested capital amount in the corporation.

To indicate: whether each of the given statements is true or false.

2.

To determine

To indicate: whether each of the given statements is true or false.

3.

To determine

To indicate: whether each of the given statements is true or false.

4.

To determine

To indicate: whether each of the given statements is true or false.

5.

To determine

To indicate: whether each of the given statements is true or false.

Expert Solution & Answer

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Answer 3

Question

Chapter 11, Problem 11.1DIE

1.

To determine

Corporation: A business concern where there is a separate legal entity, and are owned by shareholders, are classified as corporation. Transfer of ownership and raising funds are easy in this form of organization. The liabilities of the stockholders to its creditors is limited up to their invested capital amount in the corporation.

To indicate: whether each of the given statements is true or false.

2.

To determine

To indicate: whether each of the given statements is true or false.

3.

To determine

To indicate: whether each of the given statements is true or false.

4.

To determine

To indicate: whether each of the given statements is true or false.

5.

To determine

To indicate: whether each of the given statements is true or false.

Expert Solution & Answer

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Answer 4

Question

Chapter 11, Problem 11.1DIE

1.

To determine

Corporation: A business concern where there is a separate legal entity, and are owned by shareholders, are classified as corporation. Transfer of ownership and raising funds are easy in this form of organization. The liabilities of the stockholders to its creditors is limited up to their invested capital amount in the corporation.

To indicate: whether each of the given statements is true or false.

2.

To determine

To indicate: whether each of the given statements is true or false.

3.

To determine

To indicate: whether each of the given statements is true or false.

4.

To determine

To indicate: whether each of the given statements is true or false.

5.

To determine

To indicate: whether each of the given statements is true or false.

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Answer 5

Chapter 11, Problem 11.1DIE

1.

To determine

Corporation: A business concern where there is a separate legal entity, and are owned by shareholders, are classified as corporation. Transfer of ownership and raising funds are easy in this form of organization. The liabilities of the stockholders to its creditors is limited up to their invested capital amount in the corporation.

To indicate: whether each of the given statements is true or false.

2.

To determine

To indicate: whether each of the given statements is true or false.

3.

To determine

To indicate: whether each of the given statements is true or false.

4.

To determine

To indicate: whether each of the given statements is true or false.

5.

To determine

To indicate: whether each of the given statements is true or false.

Answer 6

Chapter 11, Problem 11.1DIE

1.

To determine

Corporation: A business concern where there is a separate legal entity, and are owned by shareholders, are classified as corporation. Transfer of ownership and raising funds are easy in this form of organization. The liabilities of the stockholders to its creditors is limited up to their invested capital amount in the corporation.

To indicate: whether each of the given statements is true or false.

Answer 7

Chapter 11, Problem 11.1DIE

1.

To determine

Corporation: A business concern where there is a separate legal entity, and are owned by shareholders, are classified as corporation. Transfer of ownership and raising funds are easy in this form of organization. The liabilities of the stockholders to its creditors is limited up to their invested capital amount in the corporation.

To indicate: whether each of the given statements is true or false.

Answer 8

2.

To determine

To indicate: whether each of the given statements is true or false.

Answer 9

2.

To determine

To indicate: whether each of the given statements is true or false.

Answer 10

3.

To determine

To indicate: whether each of the given statements is true or false.

Answer 11

3.

To determine

To indicate: whether each of the given statements is true or false.

Answer 12

4.

To determine

To indicate: whether each of the given statements is true or false.

Answer 13

4.

To determine

To indicate: whether each of the given statements is true or false.

Answer 14

5.

To determine

To indicate: whether each of the given statements is true or false.

Answer 15

5.

To determine

To indicate: whether each of the given statements is true or false.

Answer 16

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Answer 17

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Answer 18

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Answer 19

Ch. 11 - Prob. 1Q Ch. 11 - Prob. 2Q Ch. 11 - Prob. 3Q Ch. 11 - Prob. 4Q Ch. 11 - Prob. 5Q Ch. 11 - Prob. 6Q Ch. 11 - Prob. 7Q Ch. 11 - Which is the boiler investmentcommon stock with a...Ch. 11 - Prob. 9Q Ch. 11 - Prob. 10Q

Solution Summary: The author explains that a corporation is an entity separate and distinct from its owners. It is liable to settle its debts and obligations from the assets available in the corporation.

To indicate: whether each of the given statements is true or false.

To indicate: whether each of the given statements is true or false.

To indicate: whether each of the given statements is true or false.

To indicate: whether each of the given statements is true or false.

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Chapter 11 Solutions