1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Naily [24]
3 years ago
15

Andrea has prepared the following list of statements about corporations. Identify each statement as true or false.

Business
1 answer:
Zolol [24]3 years ago
7 0

Answer:

1. A corporation is an entity separate and distinct from its owners.  TRUE

2. As a legal entity, a corporation has most of the rights and privileges of a person.  TRUE

3. Most of the largest U.S. corporations are privately held corporations.  TRUE

4. Corporations may buy, own, and sell property; borrow money; enter into legally binding contracts; and sue and be sued.  TRUE

5. The net income of a corporation is not taxed as a separate entity.  TRUE                  

6. Creditors have a legal claim on the personal assets of the owners of a corporation if the corporation does not pay its debts.  FALSE

7. The transfer of stock from one owner to another requires the approval of either the corporation or other stockholders.   TRUE

8. The board of directors of a corporation legally owns the corporation.  FALSE

9. The chief accounting officer of a corporation is the controller.   FALSE

10. Corporations are subject to fewer state and federal regulations than partnerships or proprietorships. TRUE                                                                                                        

Explanation:

A corporation is a business that is a separate, legal entity that is run by board of directors chosen by the shareholders. A corporation operates or exists as an entity separate and distinct from it's owner or owners. This means that as separate or legal entity, a corporation has the rights and privileges of an individual except the right to vote and be voted for.

The stakeholders or shareholders of the corporation usually select officers to serve is board of directors and every year this board of directors nominate officers for the positions of a president, secretary and treasurer to handle the running's and activities of the corporation. If the board of directors also wishes or decides they can nominate a vice president too.

You might be interested in
When the market rate is 8%, a company issues $50,000 of 9%, 10-year bonds dated January 1, 2017, that mature on December 31, 202
yanalaym [24]

Answer: Credit, $45,000

Explanation:

The bond payable is the interest payable on the bond and it's Bond issued value mutiply by issued rate

$50,000 * 9%* 10 years

8 0
3 years ago
Which of the following events would cause a rightward shift of the AD curvea rightward shift of the AD curve​, other things bein
Karolina [17]

Answer: C. There has been a decline in the foreign exchange value of the nation’s currency.

Explanation:

The Demand curve of a country can be written as an equation which is

C+I+G+(X-M)

C is consumption, I is investment, G is government expenditure, X is exports, M is imports and X-M is net exports.

When ever consumption, investment, government expenditure or net exports increase the demand curve shifts to the right and whenever they decrease the demand curve shifts to the left.

In this case when the value of the currency foreign exchange declines, the country reduce its imports because they are now more expensive as your currency's value is declining and the exports will increase because they will now be cheaper to foreign buyers as their currency is now gotten stronger. This decrease in imports and increase in exports will  increase net exports and an increase in net exports will shift the demand curve to the right

8 0
3 years ago
Hal and Gavin are siblings who own a mattress recycling company. Demand has been increasing for their services and the brothers
Yakvenalex [24]

I think it's A. They decide to open a mattress drop off site, downtown, because the marginal, cost of the new location is less than the other projects.

4 0
3 years ago
There is a difference between the income tax payable account and the income tax expense account in the financial statement of th
Anit [1.1K]

C. Accounts Payable

Income tax expense is the amount that your company calculates for taxes, whereas income tax payable is the actual amount calculated by the IRS that the company owes which is recorded as a liability in accounts payable until the tax bill is paid off.

5 0
3 years ago
In the ________ process, raw materials, subcomponents, and accessories are procured based on forecasts, but actual manufacturing
Ratling [72]

Answer:

The correct answer is Make-to-order.

Explanation:

Custom manufacturing is also known by its terms Make To Order (MTO) and Build To Order. This way of producing means that a product is made to order. So you do not work with a fixed inventory. Only when an order arrives, the necessary materials for production are requested from the suppliers. Also, those companies that do not actually produce, but make some small adjustments to the merchandise, have their own variant of MTO, called Assemble To Order (ATO). These production methods are opposed to manufacturing by stock (Make To Stock, MTS) and assembly by stock (Assemble To Stock, ATS).

8 0
3 years ago
Other questions:
  • According to the Zippo standard, websites that provide information but do not provide the opportunity to conduct online transact
    5·1 answer
  • ​Calligraph Publishing Company has created a system for storing every piece of data about every one of its books, both those tha
    7·1 answer
  • In preparing its June 30, 2013 bank reconciliation, a company has available the following information: Balance per bank statemen
    7·1 answer
  • At the beginning of the current period, Bramble Corp. had balances in Accounts Receivable of $196,800 and in Allowance for Doubt
    9·1 answer
  • The Rolling Department of Oak Ridge Steel Company had 300 tons in beginning work in process inventory (25% complete) on July 1.
    9·1 answer
  • As the Chief Financial Officer for a metal refinery, Kaylee disagrees with using a turnkey strategy to enter into the Asian mark
    10·1 answer
  • Ingvar Kamprad’s influence over IKEA may have even been stronger than that of Sam Walton over Walmart because IKEA is a privatel
    6·1 answer
  • Willingness to pay Group of answer choices measures the value that a buyer places on a good. is the amount a seller actually rec
    7·1 answer
  • Part B: After purchasing his new equipment, Roger discovers several problems that slow down his work day. He failed to realize t
    9·1 answer
  • A fixed asset with a cost of $30,271 and accumulated depreciation of $27,243.90 is sold for $5,146.07. what is the amount of the
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!