Fundamental Accounting Principles 22th Edition by John Wild ,Ken Shaw,Barbara Chiappetta

Exercise 26

Of the following statements, which 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.