Acc 557 Week 8 Quiz – Strayer New

ACC 557 Week 8 Quiz – Strayer NEW

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Quiz Chapter 11

All possible questions with answers

TRUE-FALSE STATEMENTS

A corporation is not an entity which is separate and distinct from its owners.

Ans:LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Communications, AICPA BB: Legal/Regulatory, AICPA FN: Reporting, AICPA PC: Communication, IMA: FSA

A corporation can be organized for the purpose of making a profit or it may be not-for-profit.

Ans:LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Communications, AICPA BB: Legal/Regulatory, AICPA FN: Reporting, AICPA PC: Communication, IMA: FSA

A corporation acts under its own name rather than in the name of its stockholders.

Ans:LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Communications, AICPA BB: Legal/Regulatory, AICPA FN: Reporting, AICPA PC: Communication, IMA: FSA

If a corporation pays taxes on its income, then stockholders will not have to pay taxes on the dividends received from that corporation.

Ans:LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Ethics, AICPA BB: Legal/Regulatory, AICPA FN: Reporting, AICPA PC: Communication, IMA: FSA

A corporation must be incorporated in each state in which it does business.

Ans:LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Ethics, AICPA BB: Legal/Regulatory, AICPA FN: Reporting, AICPA PC: Communication, IMA: FSA

A stockholder has the right to vote in the election of the board of directors.

Ans:LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Communications, AICPA BB: Legal/Regulatory, AICPA FN: Reporting, AICPA PC: Interaction, IMA: FSA

A proxy is a legal document that instructs a stockholder’s agent how to vote shares of stock for the stockholder.

Ans:LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Communications, AICPA BB:...