Corporation:
It is the form of business organization in which business has its own separate legal entity. It gives the owner of the business the advantage to has limited liability.
Requires government approval:
It means that the work done by someone requires government approval before it is done.
Corporate income is taxed:
It means the income earned by the corporation is taxed.
Separate Legal Entity:
It means that the corporation and the owner of corporation are different persons in the eyes of law.
Readily Transferred:
It means that one thing can be transferred from one place to another easily such as, ownership of the company.
One Vote per Share:
It means that one person who has one share will count as one vote in a particular meeting.
High ability:
It means that something has high possibility like in corporations; high amount of capital can be raised.
Unlimited:
It means that something has no limit to it extent like life of a corporation.
Limited:
It means that it is available in limited extent or its extent is limited.
To identify: The suitable description for given characteristics of corporate.
Want to see the full answer?
Check out a sample textbook solution
Chapter 11 Solutions
FINANCIAL AND MANAGERIAL ACCOUNTING 180
AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,
Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSON
Intermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill Education
Financial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education