Century 21 Accounting General Journal
11th Edition
ISBN: 9781337680059
Author: Gilbertson
Publisher: Cengage
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- When we look at GAAP are corporations required by GAAP to have an accrual or cash basis of accounting?arrow_forwardThe costs to start a corporation, including legal fees, promoters’ fees, and payments for a charter, are called:arrow_forwardWhich of the following statements is true? A. the organizational form that is the easies to raise capital is the corporation B. corporations make up the largest proportion of businesses in the U.S C. sole proprietorships are protected by limited liability D. owners of corporations are not protected by limited liabilityarrow_forward
- Why do you think a single WACC is not applicable to all businesses in a corporation?arrow_forwardThere are two primary sources of financing for a corporation;one is debt; the other is equity. What is the primary way a corporation can raise money?arrow_forwardWhich of the following characteristics of a corporation limits a stockholders losses to the amount of investment in the stock of the corporation? Transferability of ownership Limited liability Separate legal entityarrow_forward
- Which of the following characteristics of a corporation limits a stockholder's loss to the amount of his or her investment in the stock of the corporation? a. Separate legal entity b. Separation of ownership and management c. Transferability of ownership d. Limited liabilityarrow_forwardDistinguish between corporations and sole proprietorshipsin terms of the following characteristics:a. Owners’ liability for debts of the business.b. Transferability of ownership interest.c. Continuity of existence.d. Federal taxation on income.arrow_forwardWhich of the following is not something that corporations can do with their profits? a. Pay income tax to the government b. They can do all of these. c. Pay them to shareholders d. Hold profits within the firmarrow_forward
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