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Which is not an advantage of organizing a corporate form

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Reference no: EM132737815

Problem 1: Which of the following is not an advantage of organizing a corporate form of business?

A) It has stronger credit availability because of its continued existence

B) A corporation is subject to income tax rate that is lower than that of partnership

C) The liability of the shareholders is limited only to their contribution to the corporation

D) A corporation's existence is not affected by transfer of ownership shares

Problem 2: The account "Supplies" will appear in the following debit columns of the worksheet, except:

A) Statement of financial position

B) Income statement

C) Adjusted trial balance

D) Trial balance

Problem 3: In accounting for the liquidation of a partnership, cash payments to partners after all outside creditors' claims have been satisfied, but before the final cash distribution, should be made according to:

A) The final balances in partners' capital accounts

B) Partners' share of the gain or loss on liquidation

C) The partners' profit and loss sharing ratio

D) Safe payments computation

Reference no: EM132737815

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