Explanation Given: Choices for the characteristic that best describes a corporation: A business with single owner Is not taxed Stockholders not personally liable for entity’s debts Not a separate taxable entity Given options can be analyzed as follows: c. A corporation is the form of business organization that issues shares to its owners and has a separate legal entity from its owners. Separate legal entity means, the corporation has its own liabilities and its shareholders are not personally liable for its debts...

11th Edition

ISBN: 9780133856781

Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura

Publisher: PEARSON

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Question

Chapter 1, Problem 5QC

To determine

Corporation:

A Corporation is one the form of business organization that issues shares to its owners and has a separate legal entity from its owners.

To identify:

Characteristic of a corporation.

Expert Solution & Answer

Chapter 1 Solutions

Horngren's Accounting (11th Edition)

Ch. 1 - Prob. 1QC Ch. 1 - Which of the following is not an external user of...Ch. 1 - Prob. 3QC Ch. 1 - Prob. 4QC Ch. 1 - Prob. 5QC Ch. 1 - Which of the following requires accounting...Ch. 1 - At the end of a recent year, Global Cleaning...Ch. 1 - Consider the overall effects on Global Cleaning...Ch. 1 - Assume that Global Cleaning Service performed...Ch. 1 - The balance sheet reports the Learning Objective 5...

Ch. 1 - Assume Global Cleaning Service had net income of...Ch. 1 - What is accounting?Ch. 1 - Prob. 2RQ Ch. 1 - Prob. 3RQ Ch. 1 - Prob. 4RQ Ch. 1 - Prob. 5RQ Ch. 1 - Prob. 6RQ Ch. 1 - Prob. 7RQ Ch. 1 - A business purchases an acre of land for $5,000....Ch. 1 - What does the going concern assumption mean for a...Ch. 1 - Which concept states that accounting information...Ch. 1 - Financial statements in the United States are...Ch. 1 - Prob. 12RQ Ch. 1 - What is the accounting equation? Briefly explain...Ch. 1 - What are two ways that equity increases? What are...Ch. 1 - How is net income calculated? Define revenues and...Ch. 1 - What are the steps used when analyzing a business...Ch. 1 - List the four financial statements. Briefly...Ch. 1 - What is the calculation for ROA? Explain what ROA...Ch. 1 - Prob. S1.1SE Ch. 1 - Determining organizations that govern accounting...Ch. 1 - Identifying types of business organizations...Ch. 1 - Prob. S1.4SE Ch. 1 - Applying accounting assumptions and principles...Ch. 1 - Prob. S1.6SE Ch. 1 - Prob. S1.7SE Ch. 1 - Identifying accounts Learning Objective 3 Consider...Ch. 1 - Prob. S1.9SE Ch. 1 - Using the accounting equation to analyze...Ch. 1 - Identifying accounts on the financial statements...Ch. 1 - I rhr JoUou'ing ittfonnatioH to antovr Short...Ch. 1 - I rhr JoUou'ing ittfonnatioH to antovr Short...Ch. 1 - Irhr JoUou'ing ittfonnatioH to antovr Short...Ch. 1 - Prob. S1.15SE Ch. 1 - Prob. S1.16SE Ch. 1 - Prob. E1.17E Ch. 1 - Prob. E1.18E Ch. 1 - 1. Accounting equation a. An economic resource...Ch. 1 - Prob. E1.20E Ch. 1 - Prob. E1.21E Ch. 1 - Prob. E1.22E Ch. 1 - Prob. E1.23E Ch. 1 - Prob. E1.24E Ch. 1 - Using the accounting equation to analyze...Ch. 1 - Using the accounting equation to analyze business...Ch. 1 - Using the accounting equation to analyze business...Ch. 1 - Using the accounting equation to analyze business...Ch. 1 - Prob. E1.29E Ch. 1 - Preparing the financial statements Learning...Ch. 1 - Prob. E1.31E Ch. 1 - Prob. E1.32E Ch. 1 - Use the following information to answer Exercises...Ch. 1 - Prob. E1.34E Ch. 1 - Prob. E1.35E Ch. 1 - Prob. E1.36E Ch. 1 - Prob. E1.37E Ch. 1 - Prob. E1.38E Ch. 1 - Prob. E1.39E Ch. 1 - Prob. P1.40APGA Ch. 1 - Prob. P1.41APGA Ch. 1 - Prob. P1.42APGA Ch. 1 - Prob. P1.43APGA Ch. 1 - Prob. P1.44APGA Ch. 1 - Prob. P1.45APGA Ch. 1 - Prob. P1.46APGA Ch. 1 - Astm < ->»l 1 • ptl « I Sb •ArtA* V...Ch. 1 - Prob. P1.48BPGB Ch. 1 - PI »9K Preparing financial »uifmrnn I’kvx-nii.i...Ch. 1 - PI-SOB Preparing financial italtmmu Precision Pies...Ch. 1 - Prob. P1.51BPGB Ch. 1 - Prob. P1.52BPGB Ch. 1 - 1*1 S 4H I *it»g the jsi nmn|i equation foi...Ch. 1 - || V. , - «••••"“ - 4 «k»wl Ml*«...Ch. 1 - Decision Case 1-1 Let’s examine a case using...Ch. 1 - The tobacco companies have paid billions because...Ch. 1 - Prob. 1.1FC Ch. 1 - Prob. 1.1FSC

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