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The corporate officers are responsible for

The corporate officers are responsible for

 

a.

appointing the board of directors.

b.

carrying out corporate policy.

c.

determining corporate policy.

d.

arranging for major loans with banks.

 

 

 

121.The board of directors of a corporation is responsible for all of the following except

 

a.

authorizing contracts.

b.

carrying out the daily operations of the business.

c.

arranging for major bank loans.

d.

declaring dividends.

 

 

 

122.The audit committee is responsible for all of the following except

 

a.

ascertaining that the company safeguards its resources.

b.

engaging the company's independent auditors.

c.

assuring that reliable accounting records are kept.

d.

auditing the company's financial statements.

 

 

 

123.Transfer of ownership will not affect the continuity of a

 

a.

sole proprietorship.

b.

partnership.

c.

corporation or partnership.

d.

corporation.

 

 

 

124.A business owner's personal assets are protected under which of the following forms of business?

 

a.

Corporation

b.

Partnership

c.

Sole proprietorship

d.

All of these choices

 

 

 

 

 

125.All of the following are characteristics of the corporate form of business, except

 

a.

a charter is required by the state.

b.

direct management by the shareholders.

c.

unlimited life.

d.

limited liability.

 

 

 

126.Which of the following is not a satisfactory statement of the accounting equation?

 

a.

Assets = Liabilities – Stockholders' Equity

b.

Assets – Liabilities = Stockholders' Equity

c.

Assets – Stockholders' Equity = Liabilities

d.

Assets = Liabilities + Stockholders' Equity

 

 

 

127.The best definition of assets is the

 

a.

collection of resources belonging to the company and the claims on these resources.

b.

cash owned by the company.

c.

resources belonging to a company having future benefit to the company.

d.

owners' investment in the business.

 

 

 

128.Which of the following items has no effect on stockholders' equity?

 

a.

Dividend declared and paid

b.

Land purchased

c.

Expense

d.

Revenue

 

 

 

129.Which of the following accounts is not considered an asset?

 

a.

Trademark

b.

Retained Earnings

c.

Inventory

d.

Accounts Receivable

Dec 10 2019 View more View Less

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