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ACCT 2001 Final Questions &Exam (elaborations) answers 100% satisfaction guarantee
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ACCT 2001 Final Questions &Exam (elaborations) answers 100% satisfaction guarantee
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ACCT 2001 FinalFalse - ✔✔Corporations are subject to fewer state and federal regulations than partnerships or
proprietorships
False - ✔✔Creditors have a legal claim on the personal assets of the owners of a corporation if the
corporation does not pay its debts.
False - ✔✔Most of the largest U.S. corporations are privately held corporations.
False - ✔✔the board of directors of a corporation legally owns the corporation
False - ✔✔the net income of a corporation is not taxed as a separate entity
False - ✔✔the transfer of stock from one owner to another requires the approval of either the
corporation or other stockholders
True - ✔✔A corporation is an entity separate and distinct from its owners
True - ✔✔As a legal entity, a corporation has most of the rights and privileges of a person.
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True - ✔✔corporations may buy, own, and sell property; borrow money; enter into legally binding
contracts; and sue and be sued
True - ✔✔The chief accounting officer of a corporation is the controller
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