Homework Answers
- True
The statement is based on business entity concept. This states the owners and the business are different persons. The corporation has the status of artificial person and hence, it should be treated as such and the owners shall be differentiated from company and their books shall be prepared separately.
- True
The shareholders own the corporation in the form of shares. The liability of shareholders is limited to the face value of shares held by them. Hence, unless stated whether liability is guaranteed by shareholders or otherwise, the shareholders have liability up to the face value of shares held by them. So, liability of stockholders is normally limited to their investment in corporation
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Indicate whether each of the following statements is true or false. 1. The corporation is an...
Requirement 1. Indicate whether each of the following statements is true or false. For each false...
Requirement 1. Indicate whether each of the following statements is true or false. For each false statement, explain why it is false. Use Tor F to indicate whether each of the following statements is true or false. Change each false statement into one that is true. 1. A large cash balance is the best evidence of previous profitable operations. 2. Accounts receivable should be classified as a liability. 3. Machinery used in the business should be recorded at replacement cost....
Instructions on lov Identify each statement as true or false. If false, indicate how to correct...
Instructions on lov Identify each statement as true or false. If false, indicate how to correct the statement. ET EXERCISES Identify characteristics of a corporation. (LO 1) Y; enter into legally bind- E11-1 Andrea has prepared the following list of statements about corporations. 1. A corporation is an entity separate and distinct from its owners. 2. As a legal entity, a corporation has most of the rights and privileges of a person 3. Most of the largest U.S. corporations are...
Indicate whether each of the following statements is true or false. Questions with more than one...
Indicate whether each of the following statements is true or false. Questions with more than one answer selected will be marked as incorrect. 1.Under IFRS, contingent liabilities should be recorded in the accounts if there is a remote possibility that the contingency will actually occur. True False 2. The classification of a liability as current or non-current is important because it may affect the evaluation of a company’s liquidity. True False 3. The liability of a shareholder is usually limited...
Andrea has prepared the following list of statements about corporations. Identify each statement as true or false.
Exercise 13-01 Andrea has prepared the following list of statements about corporations. Identify each statement as true or false. 1. A corporation is an entity separate and distinct from its owners. 2. As a legal entity, a corporation has most of the rights and privileges of a person. 3. Most of the largest U.S. corporations are privately held corporations. Corporations may buy, own, and sell property; borrow money: enter Into legally binding contracts; and sue and be sued. 5. The net income of a corporation is not...
O/ Signify "True" or "False" for each of the following items as they pertain to forms...
O/ Signify "True" or "False" for each of the following items as they pertain to forms of business organization. 1. A sole proprietorship is a separate legal entity from its owners. 2. A sole proprietorship is a separate accounting entity from its owners. 3. A partnership is a separate legal entity from its owners. 4. A partnership is a separate accounting entity from its owners. 5. A corporation is a separate legal entity from its owners. 6. A corporation is...
II. True/False Questions (2 points each, 20points) 1. Accounting is a system that collects and processes...
II. True/False Questions (2 points each, 20points) 1. Accounting is a system that collects and processes financial information about an organization and reports that information to decision makers. 2. In accounting and reporting for a business entity, the accounting and reporting for the business must be kept separate from other economic affairs of its owners. 3. The accounting period in which service revenue is recognized (i.e., revenue for services rendered) is generally the period in which the cash is collected....
Identify which of the following statements are true for the corporate form of organization. 1. Ownership...
Identify which of the following statements are true for the corporate form of organization. 1. Ownership rights cannot be easily transferred. 2. Owners have unlimited liability for corporate debts. 3. Capital is more easily accumulated than with most other forms of organization. 4. Corporate income that is distributed to shareholders is usually taxed twice. 5. It is a separate legal entity. 6. It has a limited life. 7. Owners are not agents of the corporation.
Part 1: True or False (1.5 point each, 15 points total) Indicate whether the following statements...
Part 1: True or False (1.5 point each, 15 points total) Indicate whether the following statements are true (T) or false (F). 1. An income statement presents the revenues, expenses, gains, losses, and net income (or net loss) of the business for a period of time. 2. A debit to a liability account increases that account. 3. The purchase of equipment for cash has no effect on the amount of total assets. 4. Unearned revenue is an income statement account....
Question 2: Indicate whether each of the following statements is true or false and explain concisely...
Question 2: Indicate whether each of the following statements is true or false and explain concisely why. 3. An estimate from an unbiased estimator may be closer to the true parameter, but may also be further away from the true parameter, when compared to an estimate from a biased estimator.
Identify which of the following statements are true for the corporate form of organization. Choose all...
Identify which of the following statements are true for the corporate form of organization. Choose all that apply. (A) Owners have limited liability for corporate debts.checked (B) It has an unlimited life.unchecked (C) Directors oversee its business affairs.checked (D) Ownership is usually transferred readily.unchecked (E) Generally there is no double taxation on corporate income that is distributed to owners.unchecked (F) It is not a separate legal entity from its owners.checked (G) Owners are agents of the corporation. This one has...
Requirement 1. Indicate whether each of the following statements is true or false. For each false statement, explain why it is false. Use Tor F to indicate whether each of the following statements is true or false. Change each false statement into one that is true. 1. A large cash balance is the best evidence of previous profitable operations. 2. Accounts receivable should be classified as a liability. 3. Machinery used in the business should be recorded at replacement cost....
Instructions on lov Identify each statement as true or false. If false, indicate how to correct the statement. ET EXERCISES Identify characteristics of a corporation. (LO 1) Y; enter into legally bind- E11-1 Andrea has prepared the following list of statements about corporations. 1. A corporation is an entity separate and distinct from its owners. 2. As a legal entity, a corporation has most of the rights and privileges of a person 3. Most of the largest U.S. corporations are...
O/ Signify "True" or "False" for each of the following items as they pertain to forms of business organization. 1. A sole proprietorship is a separate legal entity from its owners. 2. A sole proprietorship is a separate accounting entity from its owners. 3. A partnership is a separate legal entity from its owners. 4. A partnership is a separate accounting entity from its owners. 5. A corporation is a separate legal entity from its owners. 6. A corporation is...
II. True/False Questions (2 points each, 20points) 1. Accounting is a system that collects and processes financial information about an organization and reports that information to decision makers. 2. In accounting and reporting for a business entity, the accounting and reporting for the business must be kept separate from other economic affairs of its owners. 3. The accounting period in which service revenue is recognized (i.e., revenue for services rendered) is generally the period in which the cash is collected....
Identify which of the following statements are true for the corporate form of organization. 1. Ownership rights cannot be easily transferred. 2. Owners have unlimited liability for corporate debts. 3. Capital is more easily accumulated than with most other forms of organization. 4. Corporate income that is distributed to shareholders is usually taxed twice. 5. It is a separate legal entity. 6. It has a limited life. 7. Owners are not agents of the corporation.
Part 1: True or False (1.5 point each, 15 points total) Indicate whether the following statements are true (T) or false (F). 1. An income statement presents the revenues, expenses, gains, losses, and net income (or net loss) of the business for a period of time. 2. A debit to a liability account increases that account. 3. The purchase of equipment for cash has no effect on the amount of total assets. 4. Unearned revenue is an income statement account....
Question 2: Indicate whether each of the following statements is true or false and explain concisely why. 3. An estimate from an unbiased estimator may be closer to the true parameter, but may also be further away from the true parameter, when compared to an estimate from a biased estimator.
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