A corporation is a legal entity created by the authority of a state government, separate and distinct from its owners.
Answer the following statement true (T) or false (F)
True
A corporation is a separate legal entity from its owners, while a sole proprietorship is not. It must be registered with the state government.
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If Cub Cadet wins a trademark infringement suit by proving the defendant's trademark, Kub Kadet, is likely to deceive customers about who made the goods, Cub Cadet is entitled to:
a. up to three times actual damages. b. an injunction to prevent further infringement. c. any profits Kub Kadet made on its infringing product. d. All of the above.
Avatar Auto Parts Company uses the indirect method to prepare the statement of cash flows
Refer to the following section of the comparative balance sheet: Avatar Company Comparative Balance Sheet December 31, 2017 and 2016 2017 2016 Increase/(Decrease) Accounts Payable $4,000 $6,000 $(2,000 ) Accrued Liabilities 2,000 1,000 1,000 Long-term Notes Payable 84,000 90,000 (6,000 ) Total Liabilities $90,000 $97,000 $(7,000 ) How will the change in Accounts Payable be shown on the statement of cash flows? A) as an addition to Net Income B) as a deduction from Net Income C) as a deduction from investing cash flows D) as an addition to operating cash flows
Life insurance and health insurance are designed to transfer the catastrophic risk you can't afford to keep onto the insurance companies
Indicate whether this statement is true or false.
The usual starting point in the budgeting process is a plan showing the planned sales units and the revenue expected from these sales. This plan is called the:
A. Income statement budget. B. Business plan. C. Merchandise purchases budget. D. Operating budget. E. Sales budget.