The sale of shares in a closed corporation is similar to the sale of a sole proprietorship because:
a. the shares are traded on the open market
b. numerous shareholders make transfers difficult
c. determining a market value of the asset may be difficult d. government approval is necessary for a transfer
e. duration is an important issue
c
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Answer the following statements true (T) or false (F)
Financial reporting is independent of the legal system of a nation.
All of the following statements regarding manufacturing costs are true except:
A. Direct material costs are traceable to products. B. When overhead costs don't vary with production, they are called fixed overhead. C. When overhead costs vary with production, they are called variable overhead. D. The reporting of fixed and variable costs separately is not helpful to managers in analyzing cost behavior. E. Overhead can be both variable and fixed.
List and discuss the three ways to acquire control of a corporation
Defined-benefit plans have a fixed amount of payout at retirement.
Answer the following statement true (T) or false (F)