Answered: 16. Cooperatives are primarily…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The principle of equity I. Is the principle behind a cooperative s interest on share capital Il. Is one which states that net surplus is not a profit but as excess of payments made by the members for the Loans borrowed, or the goods and services bought by them from the cooperative and Ill. Is one where an equal right of members to participate in the organization and to equitably share in the benefits accruing is established. A. I, II and IIIB. I and IIIC. I and IID. I only
Identify which of the following statements are true for the corporate form of organization. (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) ? Corporate income that is distributed to shareholders is usually taxed twice. ? Corporations are often subject to fewer regulations than partnerships. ? The sale of shares from one stockholder to another does not impact operations. An exception is when it changes the makeup of directors. ? It has many of the same rights as an individual. ? It does not end with the death of an owner. ?Stockholders are expected to hire and fire key executives. ? The president and vice presidents choose the board of directors.

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