It's true that when it comes to managing a corporation, the corporation relies on its board of directors and officers.
<h3>What defines corporation ?</h3>
An organization called a corporation is one whose shareholders choose a board of directors to manage its operations. The corporation, not the shareholders, is responsible for the operations and financial health of the company.
<h3>What is a corporation in business?</h3>
A corporation, also referred to as a C corp, is a separate legal entity from its owners. Corporations are able to generate revenue, pay taxes, and face legal consequences. The strongest protection against personal liability is provided to owners by corporations, although forming a corporation is more expensive than creating other types of entities.
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Answer: False
Explanation:
The revenue account for a Retail Merchandising Business is also known as the Sales Account.
When goods are sold they are credited to the Sales Account and it is no different here.
Therefore, When a Retail Merchandising Business sells goods to a customer the amount of the sold merchandise is credited to the Sales Account which makes the above statement false.
