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Unformatted text preview: Quiz #1 Name____________________________Section__________________________ 1. An advantage of the corporate form of business is that a. it has limited life. b. its owner’s personal resources are at stake. c. its ownership is easily transferable via the sale of shares of stock. d. it is simple to establish. 2. All of the following are advantages for choosing a proprietorship for a business except: a. A proprietorship is a simple form of business to set up. b. A proprietorship gives the owner control of the business. c. Proprietorship receive more favorable tax treatment. d. Transfer of ownership is easily achieved through stock sales. 3. Which of the following statements is not true regarding the Sarbanes-Oxley Act (SOX) of 2002? a. The Act calls for increased oversight responsibilities for boards of directors. b. The Act has resulted in increased penalties for financial fraud by top management. c. The Act calls for decreased independence of outside auditors reviewing corporate financial statements.statements....
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- Fall '08
- Financial Accounting