41 which of the following forms of business organizations terminates when the owners 4305976

41 which of the following forms of business organizations terminates when the owners 4305976

41) Which of the following forms of business organizations terminates when the ownership structure changes?

A) corporation

B) partnership

C) share capital

D) shareholders' equity

A) investments by the creditors of a corporation

B) capital that the corporation has earned through profitable operations

C) investments by the shareholders of a corporation

D) retained earnings

A) is classified as an asset on the corporate balance sheet

B) is part of contributed capital

C) represents investments by the shareholders of the corporation

D) represents capital earned by profitable operations

44) The owners of a corporation are referred to as:

A) creditors

B) shareholders

C) partners

D) debtors

45) All of the following transactions increase shareholders' equity except:

A) issuance of common shares

B) profitable operations

C) declaration of a cash dividend

D) issuance of convertible preferred shares

46) A profitable corporation would close out income summary by:

A) debiting income summary and crediting share capital

B) debiting income summary and crediting retained earnings

C) crediting income summary and debiting retained earnings

D) crediting income summary and debiting share capital

47) A corporation operating at a loss would close out income summary by:

A) debiting income summary and crediting retained earnings

B) debiting income summary and crediting share capital

C) crediting income summary and debiting retained earnings

D) crediting income summary and debiting share capital

48) A debit balance in retained earnings is referred to as a(n):

A) normal balance

B) asset

C) deficit

D) liability

A) do not affect the retained earnings of a corporation

B) decrease both the assets and the total shareholders' equity of the corporation

C) increase retained earnings

D) increase the assets and decrease the total shareholders' equity of the corporation

50) All of the following are basic rights of a common shareholder except:

A) the right to receive a proportionate share of the corporate assets remaining after the corporation pays its liabilities in liquidation

B) the right to receive a proportionate share of the corporate assets prior to the payment of liabilities in liquidation

C) the right to receive a proportionate share of any dividend

D) the right to vote

Looking for a similar assignment? Get help from our qualified experts!

Order Now

Related Posts