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Andrea has prepared the folloving list of statements about corporations. Identify whether each statement is true or false. 1. A corporation is an entity separate and distinct from its ovners. As a legal entity, a corporation has most of the rights and privileges of a person. Most of the largest U.S. corporations are privately held corporations. 2. 3. 4. Corporations may buy, ovin, and sell property; borrow money; enter into legally binding contracts; and sue and be sued. 5. The net income of a corporation is not taxed as a separate entity. 6. Creditors have a legal claim on the personal assets of the ovners of a corporation if the corporation does not pay its debts. 7. The transfer of stock from one ovner to another requires the approval of either the corporation or other stockholders. 8. The board of directors of a corporation legally owns the corporation. 9. The chief accounting officer of a corporation is the controller. 10. Corporations are subject to fewer state and federal regulations than partnerships or proprietorships. > >

Andrea has prepared the folloving list of statements about corporations. Identify whether each statement is true or false. 1. A corporation is an entity separate and distinct from its ovners. As a legal entity, a corporation has most of the rights and privileges of a person. Most of the largest U.S. corporations are privately held corporations. 2. 3. 4. Corporations may buy, ovin, and sell property; borrow money; enter into legally binding contracts; and sue and be sued. 5. The net income of a corporation is not taxed as a separate entity. 6. Creditors have a legal claim on the personal assets of the ovners of a corporation if the corporation does not pay its debts. 7. The transfer of stock from one ovner to another requires the approval of either the corporation or other stockholders. 8. The board of directors of a corporation legally owns the corporation. 9. The chief accounting officer of a corporation is the controller. 10. Corporations are subject to fewer state and federal regulations than partnerships or proprietorships. > >

FINANCIAL ACCOUNTING
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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Andrea has prepared the folloving list of statements about corporations. Identify whether each statement is true or false. 1. A corporation is an entity separate and distinct from its ovners. As a legal entity, a corporation has most of the rights and privileges of a person. Most of the largest U.S. corporations are privately held corporations. 2. 3. 4. Corporations may buy, owin, and sell property; borrow money; enter into legally binding contracts; and sue and be sued. 5. The net income of a corporation is not taxed as a separate entity. 6. Creditors have a legal claim on the personal assets of the ovners of a corporation if the corporation does not pay its debts. 7. The transfer of stock from one ovner to another requires the approval of either the corporation or other stockholders. 8. The board of directors of a corporation legally owns the corporation. 9. The chief accounting officer of a corporation is the controller. 10. Corporations are subject to fewer state and federal regulations than partnerships or proprietorships. > >
Transcribed Image Text:Andrea has prepared the folloving list of statements about corporations. Identify whether each statement is true or false. 1. A corporation is an entity separate and distinct from its ovners. As a legal entity, a corporation has most of the rights and privileges of a person. Most of the largest U.S. corporations are privately held corporations. 2. 3. 4. Corporations may buy, owin, and sell property; borrow money; enter into legally binding contracts; and sue and be sued. 5. The net income of a corporation is not taxed as a separate entity. 6. Creditors have a legal claim on the personal assets of the ovners of a corporation if the corporation does not pay its debts. 7. The transfer of stock from one ovner to another requires the approval of either the corporation or other stockholders. 8. The board of directors of a corporation legally owns the corporation. 9. The chief accounting officer of a corporation is the controller. 10. Corporations are subject to fewer state and federal regulations than partnerships or proprietorships. > >
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