13 Interactive Quiz B

13 Interactive Quiz B - Interactive Quiz B Home > Chapter...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Interactive Quiz B http://highered.mcgraw-hill.com/sites/0072996536/student_view0/chapter13/interactive_quiz_b.html[6/22/2010 6:54:28 PM] Interactive Quiz B (See related pages) Results Reporter Out of 35 questions, you answered 19 correctly with a final grade of 54% 19 correct (54%) 16 incorrect (46%) 0 unanswered (0%) Your Results: The correct answer for each question is indicated by a . 1 INCORRECT Corporations can be classified as either: (1) privately-held corporations where the stock is held by a small group of shareholders, or , (2) public corporations where the stock is held by a large group of public shareholders. A) True B) False Feedback: It is true that corporations can be classified as either: (1) privately-held corporations where the stock is held by a small group of shareholders, or , (2) public corporations where the stock is held by a large group of public shareholders. C1 2 CORRECT Two traits common to corporations are: (1) the corporation has a limited life, but (2) is able to raise large sums of money through the issuance of stock. A) True B) False Feedback: The corporation can raise large sums of money through the issuance of stock and has a continuous life. C1 3 CORRECT Two disadvantages of the corporate form of organization include: (1) it is subject to a high degree of government regulation; and (2) it is not subject to taxation at the federal level. A) True B) False Feedback: The corporation is subject to more government regulation than are partnerships and proprietorships and the corporation is subject to taxation at the federal level. C1 4 INCORRECT Corporate organization costs include legal fees, promoter's fees, amounts paid to obtain a charter, amounts paid to hold temporary directors' meetings, and amounts paid to draft the corporation's initial set of by-laws. A) True B) False Feedback: It is true that corporate organization costs include legal fees, promoter's fees, amounts paid to obtain a charter, amounts paid to hold temporary directors' meetings, and amounts paid to draft the corporation's initial set of by-laws. C1 5 CORRECT The present accounting treatment for corporate organization costs is to debit them to an intangible asset account and leave them there until the corporation goes out of business, at which time, these costs will be written off as a loss. A) True B) False Feedback: The present accounting treatment for corporate organization costs is to debit them to an intangible asset account and leave them there until the corporation goes out of business, at which time, these costs will be written off as a loss. 6 CORRECT The normal corporate structure is for the shareholders to hire the president, who, in turn, appoints the board of directors. A)
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 08/01/2010 for the course ACC 102 taught by Professor Amyross during the Spring '10 term at Thomas Edison State.

Page1 / 5

13 Interactive Quiz B - Interactive Quiz B Home > Chapter...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online