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- Direction: Write T if the statement is correct and F if the statement is incorrect. On the space provided, explain using the concepts discussed why your answer to a statement is T or F. 1. A corporation can be formed by mere agreement among shareholders. 2. Shareholders are not liable to corporate obligations in excess of their contribution. 3. Authority of the corporation to operate has to be granted by the state. 4. Death of a shareholder will dissolve the corporation. 5. Shares cannot be transferred without the consent of the other shareholders. 6. All incorporators are subscribers but a subscriber need not be an incorporator. 7. The ultimate control of the corporation rests with the board of directors. 8. Shareholders can transact business on behalf of the corporation. 9. All incorporators are shareholders but not all shareholders are incorporators. 10. In a corporation, minority shareholders are compliant to the wishes of the majority.Which of the following statements are true regarding corporations? Note: You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect. It has many of the same rights as an individual. The sale of shares from one stockholder to another does not impact operations. An exception is when it changes the makeup of directors. Stockholders are expected to hire and fire key executives. It does not end with the death of an owner. Corporate income that is distributed to shareholders is usually taxed twice. Corporations are often subject to fewer regulations than partnerships. The president and vice presidents choose the board of directors.Which of the following statements are true regarding corporations? Note: You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect. ✔The sale of shares from one stockholder to another does not impact operations. An exception is when it changes the makeup of directors. ? It has many of the same rights as an individual. ?Stockholders do not have the power to bind the corporation to contracts. ? Stockholders are expected to hire and fire key executives. ? Owners are personally liable for corporate debts. ? It is a separate legal entity. ? Owners are not agents of the corporation.
- Write T if the statement is correct and F if the statement is incorrect. On the space provided, briefly explain using the concepts discussed why your answer to a statement is T or F. 1. A person of minor age can be a shareholder but can never be an incorporator in a corporation.S1 The Corporation will always issue all the delinquent shares to the highest bidder which are partially paid. S2 Shareholders own the business and manage the day-to-day affairs of the corporation. a. Both statements are true b. Both statements are false c. One statement is true, and the other one is falseWrite T if the statement is correct and F if the statement is incorrect. On the space provided, explain using the concepts discussed why your answer to a statement is T or F. 9. All incorporators are shareholders but not all shareholders are incorporators. 10. In a corporation, minority shareholders are compliant to the wishes of the majority.
- E11.2 (LO 1), C Khalid has come to you with statements about corporations. 1. Corporation management is both an advantage and a disadvantage of a corporation compared to a proprietorship or a partnership. 2. Limited liability of stockholders, government regulations, and additional taxes are the major disadvantages of a corporation. 3. When a corporation is formed, organization costs are recorded as an asset. 4. Each share of common stock gives the stockholder the ownership rights to vote at stockholder meetings, share in corporate earnings, keep the same percentage ownership when new shares of stock are issued, and share in assets upon liquidation. 5. The number of issued shares is always greater than or equal to the number of authorized shares. 6. A journal entry is required for the authorization of capital stock. 7. Publicly held corporations usually issue stock directly to investors. 8. The trading of capital stock on a securities exchange involves the transfer of already issued…Which of the following statements regarding an S-corporation true? Select one: a. It must pay a higher rate of taxes than other types of corporations. b. It cannot have more than 100 stockholders. c. It must be publicly-held. d. It must have more than 100 shares of outstanding stock.Which of the following is a false statement concerning corporations? Select one: a. The corporation has unlimited liability for business debts. O b. The life of the corporation is unlimited. O c. When dividends are paid, net corporate profits are essentially taxed twice. O d. It is relatively simple to transfer ownership of corporate shares. Clear my choice
- One of the following is not an attribute of a close corporation: Restriction can be made prohibiting the transfer of stock to outsiders unless and until the corporation buys these stocks from the transferring stockholder. Management of the corporation may be entrusted to the stockholders rather than to a А. В. board of directors. The number of stockholders may exceed 20 persons The stocks are not listed in any stock exchange or offered to the public. С. D.Which of the following statements are true regarding dividends? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) Corporations are often subject to fewer regulations than partnerships. Shareholders are not personally liable for corporate acts. It does not end with the death of an owner. The president and vice presidents choose the board of directors. Stockholders do not have the power to bind the corporation to contracts. Owners are personally liable for corporate debts. It has many of the same rights as an individual.Indicate whether each of the following statements is true or false. 1. The corporation is an entity separate and distinct from its owners. 2. 3. 4. 5. The liability of stockholders is normally limited to their investment in the corporation. The relative lack of government regulation is an advantage of the corporate form of business. There is no journal entry to record the authorization of capital stock. No-par value stock is quite rare today. False True