Corporate: It is the form of business organization in which business has its own separate legal entity. It provides advantage to owner of the business to have limited liability. To identify : The given statements are true or false.

Question

Want to see more full solutions like this?

Answer 1

Question

Chapter 11, Problem 1QS

To determine

Corporate:

It is the form of business organization in which business has its own separate legal entity. It provides advantage to owner of the business to have limited liability.

To identify: The given statements are true or false.

Expert Solution & Answer

Explanation of Solution

1.

False.

In corporate form of business, one of the features is that the ownership rights are easily transferrable.

Hence, the given statement is false.

2.

False.

In corporate form of business, one of the features is that the owners have limited liability; it means owners are responsible only up to the amount of their shares invested.

Hence, the given statement is false.

3.

True.

In corporate form of business, capital can be easily accumulated because in this form business can issue unlimited shares.

Hence, the given statement is true.

4.

True.

When dividend is paid, it is paid after payment of tax by company and after its payment as dividend, it becomes income for the shareholder and it taxed again under income tax.

Hence, the given statement is true.

5.

True.

In corporate form of business, business has its own entity according to law, it means owners and business is different.

Hence, the given statement is true.

6.

False.

Corporate form of business is based on going concern assumption; it means it is established for indefinite life.

Hence, the given statement is false.

7.

True.

Directors act as agents of the organization. Hence, it is true that the owners not act as agent fo the corporation.

Hence, the given statement is true.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Students have asked these similar questions

General Accounting question

General accounting

Please solve this question general accounting

Answer 2

Question

Chapter 11, Problem 1QS

To determine

Corporate:

It is the form of business organization in which business has its own separate legal entity. It provides advantage to owner of the business to have limited liability.

To identify: The given statements are true or false.

Expert Solution & Answer

Explanation of Solution

1.

False.

In corporate form of business, one of the features is that the ownership rights are easily transferrable.

Hence, the given statement is false.

2.

False.

In corporate form of business, one of the features is that the owners have limited liability; it means owners are responsible only up to the amount of their shares invested.

Hence, the given statement is false.

3.

True.

In corporate form of business, capital can be easily accumulated because in this form business can issue unlimited shares.

Hence, the given statement is true.

4.

True.

When dividend is paid, it is paid after payment of tax by company and after its payment as dividend, it becomes income for the shareholder and it taxed again under income tax.

Hence, the given statement is true.

5.

True.

In corporate form of business, business has its own entity according to law, it means owners and business is different.

Hence, the given statement is true.

6.

False.

Corporate form of business is based on going concern assumption; it means it is established for indefinite life.

Hence, the given statement is false.

7.

True.

Directors act as agents of the organization. Hence, it is true that the owners not act as agent fo the corporation.

Hence, the given statement is true.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 11, Problem 1QS

To determine

Corporate:

It is the form of business organization in which business has its own separate legal entity. It provides advantage to owner of the business to have limited liability.

To identify: The given statements are true or false.

Expert Solution & Answer

Explanation of Solution

1.

False.

In corporate form of business, one of the features is that the ownership rights are easily transferrable.

Hence, the given statement is false.

2.

False.

In corporate form of business, one of the features is that the owners have limited liability; it means owners are responsible only up to the amount of their shares invested.

Hence, the given statement is false.

3.

True.

In corporate form of business, capital can be easily accumulated because in this form business can issue unlimited shares.

Hence, the given statement is true.

4.

True.

When dividend is paid, it is paid after payment of tax by company and after its payment as dividend, it becomes income for the shareholder and it taxed again under income tax.

Hence, the given statement is true.

5.

True.

In corporate form of business, business has its own entity according to law, it means owners and business is different.

Hence, the given statement is true.

6.

False.

Corporate form of business is based on going concern assumption; it means it is established for indefinite life.

Hence, the given statement is false.

7.

True.

Directors act as agents of the organization. Hence, it is true that the owners not act as agent fo the corporation.

Hence, the given statement is true.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 11, Problem 1QS

To determine

Corporate:

It is the form of business organization in which business has its own separate legal entity. It provides advantage to owner of the business to have limited liability.

To identify: The given statements are true or false.

Expert Solution & Answer

Explanation of Solution

1.

False.

In corporate form of business, one of the features is that the ownership rights are easily transferrable.

Hence, the given statement is false.

2.

False.

In corporate form of business, one of the features is that the owners have limited liability; it means owners are responsible only up to the amount of their shares invested.

Hence, the given statement is false.

3.

True.

In corporate form of business, capital can be easily accumulated because in this form business can issue unlimited shares.

Hence, the given statement is true.

4.

True.

When dividend is paid, it is paid after payment of tax by company and after its payment as dividend, it becomes income for the shareholder and it taxed again under income tax.

Hence, the given statement is true.

5.

True.

In corporate form of business, business has its own entity according to law, it means owners and business is different.

Hence, the given statement is true.

6.

False.

Corporate form of business is based on going concern assumption; it means it is established for indefinite life.

Hence, the given statement is false.

7.

True.

Directors act as agents of the organization. Hence, it is true that the owners not act as agent fo the corporation.

Hence, the given statement is true.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 11, Problem 1QS

To determine

Corporate:

It is the form of business organization in which business has its own separate legal entity. It provides advantage to owner of the business to have limited liability.

To identify: The given statements are true or false.

Expert Solution & Answer

Explanation of Solution

1.

False.

In corporate form of business, one of the features is that the ownership rights are easily transferrable.

Hence, the given statement is false.

2.

False.

In corporate form of business, one of the features is that the owners have limited liability; it means owners are responsible only up to the amount of their shares invested.

Hence, the given statement is false.

3.

True.

In corporate form of business, capital can be easily accumulated because in this form business can issue unlimited shares.

Hence, the given statement is true.

4.

True.

When dividend is paid, it is paid after payment of tax by company and after its payment as dividend, it becomes income for the shareholder and it taxed again under income tax.

Hence, the given statement is true.

5.

True.

In corporate form of business, business has its own entity according to law, it means owners and business is different.

Hence, the given statement is true.

6.

False.

Corporate form of business is based on going concern assumption; it means it is established for indefinite life.

Hence, the given statement is false.

7.

True.

Directors act as agents of the organization. Hence, it is true that the owners not act as agent fo the corporation.

Hence, the given statement is true.

Answer 6

Chapter 11, Problem 1QS

To determine

Corporate:

It is the form of business organization in which business has its own separate legal entity. It provides advantage to owner of the business to have limited liability.

To identify: The given statements are true or false.

Expert Solution & Answer

Explanation of Solution

1.

False.

In corporate form of business, one of the features is that the ownership rights are easily transferrable.

Hence, the given statement is false.

2.

False.

In corporate form of business, one of the features is that the owners have limited liability; it means owners are responsible only up to the amount of their shares invested.

Hence, the given statement is false.

3.

True.

In corporate form of business, capital can be easily accumulated because in this form business can issue unlimited shares.

Hence, the given statement is true.

4.

True.

When dividend is paid, it is paid after payment of tax by company and after its payment as dividend, it becomes income for the shareholder and it taxed again under income tax.

Hence, the given statement is true.

5.

True.

In corporate form of business, business has its own entity according to law, it means owners and business is different.

Hence, the given statement is true.

6.

False.

Corporate form of business is based on going concern assumption; it means it is established for indefinite life.

Hence, the given statement is false.

7.

True.

Directors act as agents of the organization. Hence, it is true that the owners not act as agent fo the corporation.

Hence, the given statement is true.

Answer 7

Chapter 11, Problem 1QS

To determine

Corporate:

It is the form of business organization in which business has its own separate legal entity. It provides advantage to owner of the business to have limited liability.

To identify: The given statements are true or false.

Answer 8

Expert Solution & Answer

Explanation of Solution

1.

False.

In corporate form of business, one of the features is that the ownership rights are easily transferrable.

Hence, the given statement is false.

2.

False.

In corporate form of business, one of the features is that the owners have limited liability; it means owners are responsible only up to the amount of their shares invested.

Hence, the given statement is false.

3.

True.

In corporate form of business, capital can be easily accumulated because in this form business can issue unlimited shares.

Hence, the given statement is true.

4.

True.

When dividend is paid, it is paid after payment of tax by company and after its payment as dividend, it becomes income for the shareholder and it taxed again under income tax.

Hence, the given statement is true.

5.

True.

In corporate form of business, business has its own entity according to law, it means owners and business is different.

Hence, the given statement is true.

6.

False.

Corporate form of business is based on going concern assumption; it means it is established for indefinite life.

Hence, the given statement is false.

7.

True.

Directors act as agents of the organization. Hence, it is true that the owners not act as agent fo the corporation.

Hence, the given statement is true.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Ch. 11 - Prob. 1QS Ch. 11 - Prob. 2QS Ch. 11 - Prob. 3QS Ch. 11 - Prob. 4QS Ch. 11 - Prob. 5QS Ch. 11 - Prob. 6QS Ch. 11 - Prob. 7QS Ch. 11 - Prob. 8QS Ch. 11 - Prob. 9QS Ch. 11 - Prob. 10QS

Corporate: It is the form of business organization in which business has its own separate legal entity. It provides advantage to owner of the business to have limited liability. To identify : The given statements are true or false.

Corporate: It is the form of business organization in which business has its own separate legal entity. It provides advantage to owner of the business to have limited liability. To identify: The given statements are true or false.

Explanation of Solution

Want to see more full solutions like this?

Chapter 11 Solutions

Corporate:

It is the form of business organization in which business has its own separate legal entity. It provides advantage to owner of the business to have limited liability.

To identify: The given statements are true or false.