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Accounting 1 Honors Semester 1 Course Review

Total questions: 142

Worksheet time: 1hrs 14mins

Name
Class
Date
1.

Which one of the following accounts is increased by a debit entry?

a)

Bank Loan

b)

Sales

c)

Depreciation Expense

d)

Accounts Payable

2.

Which one of the following accounts is decreased by a credit entry?

a)

Bank Loan

b)

Cash

c)

Accounts Payable

d)

Revenue

3.

When recording a journal entry, which of the following helps determine the account number and account name to be used?

a)

Invoice Number

b)

Chart of Accounts

c)

Journal Entry Numbers

d)

Financial Statement Numbers

4.

The Chart of Accounts...

a)

Lists only the balance sheet accounts

b)

Lists the accounts being used by a business with account numbers

c)

Is a standard listing of accounts that are used by all businesses

d)

Lists only the income statement accounts

5.

Entries are recorded in the General Journal...

a)

In the order of account numbers used

b)

Randomly

c)

By date (chronologically)

d)

Alphabetically

6.

When recording journal entries, a good control is to....

a)

Enter the journal entries alphabetically

b)

Enter all credits first before entering all the debits

c)

Record entries using even dollar amounts (round up)

d)

Total the debits and credits to see if they balance

7.

The document which records the activities and balances of each specific account is called a...

a)

General Ledger

b)

Trial Balance

c)

Financial Statement

d)

General Journal

8.

Which of the following statements about posting to the General Ledger is true?

a)

It normally occurs before entering transactions into the General Journal.

b)

It involves the transfer of journal entries to the General Ledger accounts.

c)

It involves the transfer of transactions from the Trial Balance to the General Ledger.

d)

All of the above

9.

When a business performs services for a customer who will pay later, which of the following business accounts are increased?

a)

Accounts Receivable

b)

Accounts Payable

c)

Unclaimed Revenue

d)

None of the above

10.

A Trial Balance proves that...

a)

There are no errors in the accounting record.

b)

Each journal entry has been posted only once.

c)

Total debits equal total credits.

d)

All transactions have been recorded.

11.

The Trial Balance lists:

a)

Only Balance Sheet accounts

b)

Only Income Statement accounts

c)

All accounts in the General Ledger and their balances

d)

A summary of the Owner's Equity

12.

In the Debit and Credit system, debits are always recorded on the...

a)

Left

b)

Right

c)

Left or Right depending on the financial statement

d)

Left or Right depending on the Income Statement

13.

An increase to an asset is always...

a)

a credit

b)

a debit

c)

a debit or a credit depending on the type of asset

d)

None of these choices

14.

An increase to an expense is always...

a)

a debit

b)

a credit

c)

a debit or a credit depending on the type of expense

d)

None of these choices

15.

Depending on the type of transaction, you can either have only 2 debits or only 2 credits.

a)

True

b)

False

16.

An increase to a liability

a)

is a debit

b)

is a credit

c)

depends on the type of liability

d)

None of these choices

17.

The entry to record the payment of bank loan principal requires

a)

a debit to expenses and a credit to cash

b)

a debit to notes payable and credit to cash

c)

a debit to cash and a credit to notes payable

d)

no entries as this transaction has not affect on Owner's Equity

18.

Every Journal entry will have a least 1 debit and 1 credit.

a)

True

b)

False

19.

All Journal entries should be posted to the General Ledger.

a)

True

b)

False

20.

What is the main purpose of the Trial Balance?

a)

To ensure accurate financial statements

b)

To ensure that total debits is equal to total credits

c)

To prepare adjusting entries

d)

To see what caused the changes in an account balance

21.

A General Ledger can be prepared after the Trial Balance has been perpared.

a)

True

b)

False

22.

Step 1 of the Accounting Cycle

a)

Journalize the Transactions

b)

Analyze Transactions

c)

Post to Ledger Account

d)

Prepare Trial Balance

23.

Step 2 of the Accounting Cycle

a)

Journalize the Transactions

b)

Analyze Transactions

c)

Post to Ledger Account

d)

Prepare Trial Balance

24.

Step 3 of the Accounting Cycle

a)

Journalize the Transactions

b)

Analyze Transactions

c)

Post to Ledger Account

d)

Prepare Trial Balance

25.

Step 4 of the Accounting Cycle

a)

Journalize the Transactions

b)

Analyze Transactions

c)

Post to Ledger Account

d)

Prepare Trial Balance

26.

A general Leger/T) has a ______ and a _______ side.

a)

cash receipt and debtors

b)

debit and payments

c)

debit and credit

d)

creditors and debtors

27.

Assets increase on the ________ side.

a)

subsidiary

b)

T-account

c)

credit

d)

debit

28.

Owner's equity decreases on the _________ side.

a)

credit

b)

debit

c)

payments

d)

liability

29.

________ are debts of the business.

a)

Assets

b)

Liabilities

c)

Owner's equity

d)

Vehicles

30.

Pieces of equipment are an example of an/a ______.

a)

loan

b)

asset

c)

liability

d)

owners equity

31.
The amount left over from the last accounting period over to the beginning of the current accounting period.
a)
Opening/Beginning Balance
b)
Service Business Examples
c)
Accural-Based Accounting
d)
Cost of Goods Sold
32.

A business that performs an activity for a fee

a)

Service Revenue

b)

Income Statement

c)

Unearned Revenue

d)

Service Business

33.
When you pay cash for an expense before it is used
a)
Service Business
b)
Unearned Revenue
c)
Customer Deposit
d)
Pre-Paid Expense
34.
In a business, the difference between total revenue and total expenses when total revenue is greater
a)
Ethics
b)
Net Income
c)
Net Worth
d)
Net Loss
35.
Documents and procedures that are used to collect, classify, summarize, and report on a business' transactions and operations
a)
Balance Sheet
b)
Accounting System
c)
Accounting Period
d)
Accrual-Based Accounting
36.
The recording of the same value on both the debit and credit parts for every transaction
a)
Double Entry
b)
Sevice Revenue
c)
Gross Profit
d)
Net Income
37.
The name given to an account
a)
Gross Profit
b)
Double Entry
c)
Account Title
d)
Sales Revenue
38.
Related to net worth or equity and not necessarily to cash flow; they help in recognizing how much a person is worth at a point in time
a)
Net Loss
b)
Transaction
c)
Accrurals
d)
T-Account
39.
The value of all the goods sold; it is subtracted from the sales revenue to determine gross profit
a)
Accrual-Based Accounting
b)
Cash-Based Accounting
c)
Opening/Beginning Balance
d)
Cost of Goods Sold (COGS)
40.

Asset = Liabilities + Owner's Equity

a)

Service Business Examples

b)

Cash-Based Accounting

c)

Business Accounting Equation

d)

Merchandising Business Examples

41.
A decrease in Owner's Equity resulting from day to day operations of a business; costs that are incurred or use up an asset
a)
Equity
b)
Expense
c)
Income
d)
Revenue
42.
A company that buys goods to resell to customers
a)
Merchandising Business
b)
Merchandising Business Examples
c)
Service Business
d)
Manufacturing Business
43.
An illegal intentional act of deception that results in a financial benefit or gain
a)
Unearned Revenue
b)
Fraud
c)
Expense
d)
Asset
44.
Type of revenue earned by a business for selling services to curtomers (interest or fees earned)
a)
Service Revenue
b)
Unearned Revenue
c)
Sales Revenue
d)
Service Business
45.
Auto Makers and Steel Mills are examples of
a)
Manufacturing Business
b)
Merchandising Business
c)
Sevice Business
46.
A temporary record used to show and summarize revenue and expenses
a)
Income Statement
b)
Customer Deposit
c)
Sales Revenue
d)
Balance Sheet
47.
Assest = Liabilities + Net Worth
a)
Cash-Based Accounting
b)
Personal Accounting Equation
c)
Merchandising Business Examples
d)
Accounts Payable
48.
Revenue and Expenses are recorded only when cash is received or paid in what type of accounting?
a)
Cash-Based Accounting
b)
Cost of Goods Sold (COGS)
c)
Accrual-Based Accounting
d)
Income Statement
49.

Clothing Stores and Toy stores are examples of a

a)

Manufacturing Business

b)

Merchandising Business

c)

Service Business

50.
Something that you owe and consider a financial obligation
a)
Gross Profit
b)
Cash Flow
c)
Liability
d)
Merchandising Business
51.
The amount in an account
a)
Account Balance
b)
Account Title
c)
Accounts Payable
d)
Cash Flow
52.
The difference between sales revenue and cost of goods sold
a)
Gross Profit
b)
Net Income
c)
Sales Revenue
d)
Net Loss
53.
The amount of cash flowing into and out of a bank account
a)
Gross Profit
b)
Cash Flow
c)
Net Loss
d)
Liability
54.

Allows a person to track detailed information about the values of individual items such as cash and unpaid accounts

a)

Accounting Period

b)

Accounting System

c)

Accounting

d)

Account

55.
Revenue and Expenses are recorded in the period in which they occur, regardless of when cash is received or paid
a)
Cost of Goods Sold (COGS)
b)
Balance Sheet
c)
Opening/Beginning Balance
d)
Accrual-Based Accounting
56.
A tool used to record transactions and keep the accounting equation balanced
a)
T-Account
b)
Liabiity
c)
Net Worth
d)
Net Income
57.
A system to identity, measure, and communicate all the financial activities of an individual or business
a)
Invoice
b)
Accounting
c)
Revenue
d)
Net Income
58.

Something that you own that will benefit you now and in the future

a)

Equity

b)

Asset

c)

Cash Flow

d)

T-Account

59.
The amount remaining after you sell all of your assets and pay off your personal liabilities
a)
T-Account
b)
Net Loss
c)
Double Entry
d)
Net Worth
60.
A business activity that changes assets, liabilities, or owner's equity
a)
Invoice
b)
Revenue
c)
Transaction
d)
Gross Profit
61.

Which type of transaction directly affects Owner's Capital?

a)

Expenses

b)

Investment

c)

Revenue

d)

Withdrawal

62.

Which of the following represents the equation for Net Income?

a)

A=L + NW

b)

Owner's Investment - Withdrawals

c)

Revenue - Expenses

d)

Biginning Capital - Ending Capital

63.

Which of the following statements show the changes in Owner's Equity?

a)

Income Statement

b)

Balance Sheet

c)

Cash Flow Statement

d)

Statement of Owner's Equity

64.

Which of the following is true when a company incurs an expense that is to be paid later?

a)

An asset should be recorded.

b)

The expense should be recognized evenly over the next year.

c)

The expense account should be increased along with accounts payable.

d)

The expense cannot be recognized because it has not been paid.

65.

FGH Inc. recorded a $500 telephone bill last month on account. This month the payment is made. How should this transaction be recorded?

a)

Decrease cash; decrease accounts payable

b)

Increase accounts payable; increase expense

c)

Decrease cash; increase expense

d)

Increase prepaid expense; decrease cash

66.

MNO Co. received a $2,000 bill for maintenance to be paid next month. How should this transaction be recorded?

a)

Decrease cash; increase expense

b)

Increase prepaid expense; decrease cash

c)

Decrease cash; decrease accounts payable

d)

Increase accounts payable; increase expense

67.

The owners and managers have an ethical responsibility to record and report revenue and expensees in a way that best represents economic reality, except for when doing so means the company reports an unfavorable result.

a)

True

b)

False

68.

Liquidity is defined as

a)

The physical size of an asset.

b)

The amount an asset is worth.

c)

The due date of the liability.

d)

The ease at which an asset may be convereted to cash.

69.

Which of the following items is least likely to appear on the balance sheet of a service business?

a)

Cash

b)

Accounts Receivable

c)

Accounts Payable

d)

Inventory

70.

XYZ Co. provides $2,000 worth of services to customers and will receive a payment within 30 days. How should this transaction be recorded?

a)

Increase cash; increase unearned revenue

b)

Increase cash; increase revenue

c)

Increase cash; decrease accounts receivable

d)

Increase accounts receivable; increase revenue

71.

ABC Co. collects $10,000 cash for consulting work to be provided next month. How should this transaction be recorded?

a)

Increase cash; increase revenue

b)

Increase cash; decrease accounts receivable

c)

Increase cash; increase unearned revenue

d)

Increase accounts receivable; increase revenue

72.

Computer and other assets that are expected to last for more than a year are referred to as:

a)

Assets

b)

Supplies

c)

Cash equivalents

d)

Property, plant & equipment

73.

When a compnay gets paid for providing a service, the transaction is recorded by:

a)

Decreasing liabilities; increasing owner's equity

b)

Increasing assets; decreasing owner's equity

c)

Increasing assets; increasing liabilities

d)

Increasing assets; increasing owner's equity

74.

AAA Inc. paid $10,000 cash for rent for 6 months. How should this transaction be recorded?

a)

Increase prepaid rent; decrease cash

b)

Decrease cash, decrease accounts payable

c)

Increase accounts payable; increase rent expense

d)

Decrease cash; increase rent expense

75.

When you prepay your insurance, your net worth decreases:

a)

True

b)

False

76.

Recognizing revenue refers to:

a)

Collecting cash

b)

Recording revenue in the accounting records

c)

Selling services

d)

Selling products

77.

Which of the following liabilities is generally listed first in a balance sheet?

a)

Accounts payable

b)

Long-term loan payable

c)

Bank loan payable

d)

Bond's payable

78.

Which of the following term would not be used to classify the net worth of a business?

a)

Net Income

b)

Accumulated Surplus (Deficit)

c)

Stockholders' Equity

d)

Owner's Equity

79.

Examples of assets include:

a)

cash, prepaid expenses, unearned revenue

b)

cash, accounts receivable, office supplies

c)

cash, acccounts receivable, salaries expense

d)

cash, accounts receivable, unearned revenue, revenue

80.

What type of an account is cash?

a)

ASSET

b)

LIABILITIES

c)

OWNER'S EQUITY

81.

What type of an account is Accounts Payable?

a)

ASSET

b)

LIABILITIES

c)

OWNER'S EQUITY

82.

What type of an account is Capital?

a)

ASSET

b)

LIABILITIES

c)

OWNER'S EQUITY

83.

Paid cash on Account- which 2 accounts are being affected?

a)

CASH & ACCOUNTS PAYABLE

b)

CASH & CAPITAL

c)

CASH & SUPPLIES

d)

SUPPLIES & ACCOUNTS PAYABLE

84.

Owner invests $1200 cash into their business.

Which 2 accounts are being affected?

a)

ACCOUNTS PAYABLE & CAPITAL

b)

CASH & ACCOUNTS PAYABLE

c)

CAPITAL & CASH

d)

CASH & SUPPLIES

85.

The accounting equation must always be

a)

balanced

b)

uneven

c)

zero

d)

equal to the square root of 5

86.

Bought supplies on account

Which 2 accounts are being affected?

a)

CASH & SUPPLIES

b)

SUPPLIES & CAPITAL

c)

ACCOUNTS PAYABLE & CASH

d)

ACCOUNTS PAYABLE & SUPPLIES

87.

When we think of Accounts Payable, we think of a ___________ as a form of payment.

a)

CASH

b)

CREDIT CARD

c)

BITCOIN

d)

CHECK

88.

Equipment is an example of an/a ______?

a)

loan

b)

asset

c)

liability

d)

owners equity

89.

Water and electricity are an/a __________?

a)

credit

b)

asset

c)

expense

d)

income

90.
Any amounts owed by a business and reported on the balance sheet are referred to as ________________.
a)
assets
b)
liabilities
c)
profit
d)
expenses
91.
An increase in owner's equity resulting from the operation of a business
a)
asset
b)
expense
c)
withdrawl
d)
revenue
92.
Anything of value that is owned by the company (such as cash, accounts receivables, vehicles, etc.) are reported on the balance sheet and are referred to as _______________.
a)
assets
b)
liabilities
c)
profit
d)
income
93.
The financial statement that reports the revenues and expenses for a period of time such as a year or a month is the:
a)
Balance Sheet
b)
Income Statement
c)
Statement of Cash Flows
d)
None of These
94.
The financial statement that reports the assets, liabilities, and stockholders' (owner's) equity at a specific date is the:
a)
Balance Sheet
b)
Income Statement
c)
Statement of Cash Flows
d)
Cash Statement
95.
Under the accrual basis of accounting, revenues are reported in the accounting period when the:
a)
Cash is Received
b)
Service or Goods Have Been Delivered
c)
End of the Month Has Arrived
d)
Customer Pays
96.
Unearned Revenues is what type of account?
a)
Asset
b)
Liability
c)
Stockholders' Equity
97.

When a business owner invests in the business

a)

This increases equity

b)

This decreases equity

98.

A Bank Loan is classified as a:

a)

Revenue

b)

Expense

c)

Asset

d)

Liability

99.

The amount spent in order to produce and sell the goods and services which generates income is termed as

a)

Revenue

b)

Loss

c)

Expenses

d)

Liabilities

100.

When a business buys a truck using a loan, which of the following is true?

a)

Decrease liability, increase assets

b)

Increase assets, decrease to equity

c)

Increase liability, decrease assets

d)

Increase liability, increase assets

101.

Refers to a piece of information that could influence r change a user's decision.

a)

Unlimited Liability

b)

Materiality

c)

Relevance

d)

Reliability

102.

A code or moral system that provides criteria for evaluating right and wrong.

a)

Golden Rule

b)

Ethics

c)

Rule Based Accounting

d)

Consistency

103.

Provide useful financial information to both internal and external users.

a)

Objective of Financial Reporting

b)

Expense Recognition Principle

c)

Accountant

d)

Accounting Certification

104.

Limited Liability Partnership

a)

LLP

b)

Stock

c)

GAAP

d)

LLC

105.

Partial ownership of a business

a)

Stockholder

b)

Accountant

c)

Stock (share)

d)

Partnership

106.

An organization whose goal is to benefit society. Usually obtain funding from donations and government grants.

a)

Corporation

b)

Private Enterprise

c)

Not-for-profit

d)

General Partnership

107.

A federal government agency whose mission is to protect investors.

a)

Elected Board of Directors

b)

Federal Trade Commission

c)

Security and Exchange Commission (SEC)

d)

Federal Communications Commission

108.

All accounting records are express in terms of money - reported in a single currency.

a)

Accounting Certification

b)

Monetary Principle

c)

Monetary Unit Assumption

d)

Going Concern Assumption

109.

The standards by which actions are judged as being honest versus dishonest, right or wrong, fair or unfair. Must ensure that the financial information of a business is accurately reported.

a)

Accounting Ethics

b)

Comparability

c)

Reliability

d)

Understandability

110.

Revenue can only be recorded (recognized) when goods are sold or when services are performed.

a)

Objective of Financial Reporting

b)

Going Concern Assumption

c)

Revenue rules

d)

Revenue Recognition Principle

111.

Special type of partnership. Has the same tax treatment as a partnership or sole proprietorship but has limited liability and separate legal entity status making it similar to a corporation.

a)

Limited Liability Partnership

b)

Unlimited Partnership

c)

Limited Liability Company

d)

Sole Proprietorship

112.

Financial information can be reasonably understood by its users if the users have knowledge of a business and a basic knowledge of accounting.

a)

Accounting Ethics

b)

Conservatism

c)

Understandability

d)

Relevance

113.

Owner(s) will receive profit, suffer any net loss, and be liable for financial obligations of the business.

a)

Measure Principle

b)

Unlimited Liability

c)

Financial Accounting

d)

Limited Liability

114.

In 2002 the United States Congress passed this act to prevent accounting practices from committing fraudulent activities.

a)

Accuracy Act

b)

Sarbanes-Oxley Act (SOX)

c)

Honest Accounting Act (HAA)

d)

Consistency Principle

115.

States that whenever an accountant has several options in applying an accounting standard, the least optimistic or least favorable option should be selected.

a)

Cost Restraint

b)

Consistency

c)

Conservatism

d)

Reliability

116.

When an accountant serves the needs of internal users, generally works for one organization, and prepares specialized reports to assist in decision making, that accountant is engaged in:

a)

Public Accounting

b)

Managerial Accounting

c)

Financial Accounting

d)

Consulting

117.

One of the roles of a professional accountant would be:

a)

to only prepare payroll each month for the bookkeeper

b)

to use information prepared by the bookkeeper to provide appropriate accounting adjustments

c)

to do the bank reconciliations only

d)

to prepare income statements only on a month to month basis

118.

Which fundamental characteristic of financial accounting requires that information is free from material error and bias?

a)

Understandabiliity

b)

Relevance

c)

Comparability

d)

Reliability

119.

Which fundamental characteristic of requires that information is reasonably understood by its users?

a)

Relevance

b)

Reliability

c)

Undersandability

d)

Comparability

120.

Which fundamental characteristic requires that financial statements be prepared in a similar way year after year?

a)

Understandability

b)

Comparability

c)

Relevance

d)

Reliability

121.

Which fundamental characteristic requires that all information useful for decision making is present in the financial statements?

Select one:

a)

Comparability

b)

Reliability

c)

Relevance

d)

Understandability

122.

Goldstein Products is a publicly held corporation. As part of the company's recent cost saving strategies, the accountant decided to have the financial statements prepared annually instead of quarterly. Which characteristic or principle is violated if any?

a)

The company does not violate any principles or characteristics

b)

Relevance

c)

Reliability

d)

The Conservatism Principle

123.

Which of the following statements about law and ethics is true?

a)

All moral acts are illegal

b)

All immoral acts are legal

c)

A behavior may be quite legal, but immoral

d)

All immoral acts are illegal

124.

Members shall act with trustworthiness, integrity and objectivity. The preceding statement is:

a)

a mission statement of a company

b)

a form of organization

c)

a statement typical of the codes of ethics for accountants

d)

an aspect of triple bottom line reporting

125.

The owner of a manufacturing business also happens to be the company's corporate auditor. Which of the following do you believe is true?

a)

It is ethical

b)

There is nothing wrong with this as long as their bank is aware of the fact

c)

It will be ethical if he agrees not to be paid to do the audit

d)

It is unethical

126.

If the owner of a proprietary business invests personal cash into the business:

a)

The cash is regarded as owner's equity (or capital)

b)

The cash is regarded as an expense because the owner spent money on the business

c)

The cash is regarded as a liability because now the business owes this money to the owner

d)

None of the choices

127.

When operating as a proprietary business, which of the following is true?

a)

Statement of Changes in Equity. All debt in the business may or may not be the responsibility of the owner, depending on accounting policies

b)

All business debt is considered the owner's debt

c)

All business debt is not the responsibility of the owner because they are separate entities

d)

It is common practice to keep the business and personal records together because the owner and the business are considered as one

128.

Which of the following is not a form of business organization?

a)

Corporation

b)

Proprietorship

c)

Creditorship

d)

Partnership

129.

Which of the following forms of organizations has only one owner?

a)

Proprietorship

b)

Co-Operative

c)

Partnership

d)

Corporation

130.

Which of the following forms of organizations has limited liability for all of its owners?

a)

Partnership

b)

Limited Partnership

c)

Corporation

d)

Proprietorship

131.

Which of the following is an expected advantage of implementing IFRS in our global economy?

a)

Increased cash flow

b)

Increased comparability

c)

Increased costs in the short term

d)

Increased jurisdictional control

132.

Under IFRS, what is the balance sheet known as?

a)

Balance Sheet

b)

Statement of Changes in Equity

c)

Statement of Comprehensive Income

d)

Statement of Financial Position

133.

How does IFRS usually list assets on the balance sheet?

a)

Non-current assets are usually presented before the current assets

b)

Current assets are usually presented before the non-current assets

c)

Assets are listed after liabilities

d)

Assets are listed after the equity section

134.

The concept of depreciation is best explained by which accounting principle?

a)

Revenue Recognition

b)

Consistency

c)

Expense Recognition

d)

Measurement

135.

Accruals are a prime example of the:

a)

Going Concern Assumption

b)

Materiality

c)

Expense Recognition

d)

Disclosure

136.

The expense recognition principle requires that expenses:

a)

be recorded only when cash is exchanged

b)

be less than revenue during each period

c)

be matched with revenues in the same period

d)

be matched with liabilities

137.

The bookkeeper of ABC Gym receives advanced membership payments from customers and records it as revenue. Which of the following principles did the bookkeeper violate?

a)

The measurement principle

b)

The disclosure principle

c)

The consistency principle

d)

The revenue recognition principle

138.

Recording and recognizing prepaid expenses is an example reflecting which of the following principles?

a)

Expense Recognition Principle

b)

Measurement Principle

c)

Consistency Principle

d)

Time Period Concept

139.

Which one of the following statements is true?

a)

Revenues are listed before expenses on the balance sheet

b)

On the income statement, liabilities are listed in order of liquidity

c)

On the balance sheet, assets are listed according to their level of liquidity

d)

Assets are listed below liabilities on the income statement

140.

Which of the following businesses would be considered a service business?

a)

Nail Salon

b)

Toy Store

c)

Retail store

d)

Grocery Store

141.

When operating as a corporation, which of the following is true?

a)

Stockholders have unlimited liability

b)

The corporation sets the price at which people will buy and sell stock on stock exchanges.

c)

A stockholder who owns more than 50% of the stock can control the activities of the business.

d)

Private corporations can only consist of one owner

142.

A partnership:

a)

Must have at least one limited partner

b)

Is legally separate from its owners; it is a separate business entity

c)

Distributes shares of ownership to investors

d)

Allows one partner to bind the other partners to business contracts

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