
Corporation:
It is the form of business organization in which business has its own separate legal entity. It gives the owner of the business the advantage to has limited liability.
Requires government approval:
It means that the work done by someone requires government approval before it is done.
Corporate income is taxed:
It means the income earned by the corporation is taxed.
Separate Legal Entity:
It means that the corporation and the owner of corporation are different persons in the eyes of law.
Readily Transferred:
It means that one thing can be transferred from one place to another easily such as, ownership of the company.
One Vote per Share:
It means that one person who has one share will count as one vote in a particular meeting.
High ability:
It means that something has high possibility like in corporations; high amount of capital can be raised.
Unlimited:
It means that something has no limit to it extent like life of a corporation.
Limited:
It means that it is available in limited extent or its extent is limited.
To identify: The suitable description for given characteristics of corporate.

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Chapter 11 Solutions
FINANCIAL & MANAGERIAL ACCOUNTING
- Parkview Industries collected $275,000 from customers in 2018. Of the amount collected, $135,000 was from services performed in 2017. In addition, Parkview performed services worth $192,000 in 2018, which will not be collected until 2019. Parkview Industries also paid $218,000 for expenses in 2018. Of the amount paid, $168,000 was for expenses incurred on account in 2017. In addition, Parkview incurred $187,000 of expenses in 2018, which will not be paid until 2019. Compute 2018 cash-basis net income.arrow_forwardSolve this accounting question with proper step.arrow_forwardSolutionarrow_forward
- Please provide the correct answer to this financial accounting problem using accurate calculations.arrow_forwardRidgeway Manufacturing has sales of 2,500 units at $80 a unit. Variable expenses are 40% of the selling price. If total fixed expenses are $72,000, what is the degree of operating leverage?arrow_forwardCan you demonstrate the accurate method for solving this financial accounting question?arrow_forward
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- Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSONIntermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill EducationFinancial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education





