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.

Question

General accounting

Answer 1

Question

Chapter 11, Problem 1E

To determine

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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