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Sophia Pathways Accounting - Final Milestone
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  • Course
  • SOPHIA PATHWAY
  • Institution
  • South University

Sophia Pathways Accounting - Final Milestone 1 Which of the following is a major advantage to forming a corporation? • Lenders of a corporation do not have the right to claim the corporation's assets to pay its debts. • The income from a corporation is not taxed. • Stockholders ...

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Document information

  • February 14, 2022
  • 15
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers

Subjects

  • sophia pathways accounting final milestone
  • 1 which of the following is a major advantage to forming a corporation • lenders of a corporation do not have the right to claim the corporations as

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  • South University
  • SOPHIA PATHWAY
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Sophia Pathways Accounting - Final Milestone
1

Which of the following is a major advantage to forming a
corporation?


Lenders of a corporation do not have the right to claim the corporation's assets to pay
its debts.

The income from a corporation is not taxed.

Stockholders have limited liability for the debts of the corporation.

A corporation is usually managed by its owners.
CONCEPT
Businesses and Organizations
2

Which of the principles below does Val follow when she reviews her
records to make sure that recorded accounting events correspond
to the actual costs?


Full disclosure principle



Time period principle

Measurement principle



Matching principle


CONCEPT
Conceptual Framework and Principles

, Sophia Pathways Accounting - Final Milestone



3

The employees of Catherine's business earned $22,800 in wages during
December, but the next payday is not until January 2nd.

When Catherine makes an adjustment on her December 31st trial
balance worksheet to account for these wages, what two types of
accounts will be affected?


An asset account and an expense account

A payable account and a revenue account.

An expense account and a payable account

Owner's equity and a payable account
CONCEPT
Creating Adjusting Entries
4

Which of the following is responsible for conducting an independent
examination of a company's financial statements and records?


Bookkeeper

Stakeholder

Auditor

Controller
CONCEPT

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