Multiple Choice
Which of the following statements below is correct about a corporation and a partnership?
A) A partnership is comprised of two or more owners,whereas a corporation must have only one owner.
B) A corporation is legally responsible for its own taxes and debts.
C) Owners of both entities are legally responsible for the taxes and debts of the business.
D) Both entities issue shares of stock to owners.
Correct Answer:
Verified
Correct Answer:
Verified
Q3: Stockholders' equity is:<br>A)a liability of the business.<br>B)an
Q4: If revenues are less than expenses,the company's
Q5: The daily activities involved in running a
Q6: The income statement reports:<br>A)the assets,liabilities,and stockholders' equity
Q7: Accounts Payable,Notes Payable,and Salaries and Wages Payable
Q10: Creditors look at the balance sheet to
Q11: The Securities and Exchange Commission (SEC)is the
Q12: The Sarbanes-Oxley Act (SOX):<br>A)outlines the code of
Q13: A legal document called a stock certificate
Q43: Listed below are ten organizations followed by