Question:56 Using a list of corporate characteristics, the student will indicate whether the characteristic is an advantage or a disadvantage for the corporate form. Options or term examples are: 1. Ownership and management are separated. 2. The entity has a continuous life. 3. Transfer of ownership is easy. 4. Stockholder's liability is limited. 5. Exposure to double taxation is evident. 6. An entity can raise MORE money than a partnership or sole proprietorship. 7. Government regulation is expensive. Which of the following does not describe accounting? a. Language of business. b. Is an end rather than a means to an end. c. Useful for decision making. d. Used by businesses, governments, nonprofit organizations, and individuals. Forensic accounting investigators can make significant contributions to a financial crime investigation. They: a. Bring a thorough knowledge of accounting and auditing. b. Bring to bear a variety of skills, including interviewing, data mining, and analysis. c. Work in a highly charged atmosphere and often present their findings. d. All of the above.

2. Limited liability is an important feature of: A. CorporationsB. Both partnerships and corporationsC. Sole proprietorshipsD. Partnerships 4. The ultimate financial goal of a corporation is to: A. maximize the value of the corporation to the stockholders.B. increase size of the firm.C. minimize stockholder risk.D. maximize profit. 7. Shareholders of a corporation may be, among others, A. pension funds.B. individuals, pension funds, and insurance companies.C. individuals and pension funds.D. individuals.

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B1.

Next to each corporate characteristic 1 through 8, enter the letter of the description that best relates to it. 1. Owner authority and control 2. Ease of formation 3. Transferability of ownership 4. Ability to raise large capital amounts 5. Duration of life 6. Owner liability 7. Legal status 8. Tax status of income a. Requires government approval b. Corporate income is taxed c. Separate legal entity d. Readily transferred e. One vote per share f. High ability g. Unlimited h. Limited

The ability of any stockholder to transfer stock to another person without the knowledge or the consent of the other stockholders and without disturbing the normal activities of the corporation is called a. unlimited life. b. suitability for large scale operations. c. taxation of corporate earnings. d. transferable ownership units.

Identify the advantages of forming a business as an S Corporation. Multiple Choice O owners avoid double taxation and owners have limited liability treated as a separate legal entity and owners avoid double taxation owners have limited liability and corporation's earnings are tax free owner is personally responsible for debts of the business and earnings are reported directl

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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? Question 7Answer a. Separate legal entity b. Separation of ownership and management c. Transferability of ownership d. Limited liability

withdrawals. Pre-Assessment 1. Give at least 10 sole proprietorship establishment you are familiar with. Forms of Business Organization 1. Sole Proprietorship is a business organization owned by one person. It is owner of the sole proprietorship is the pronrietor In mort caror tho prone