ACCT 504 FINAL EXAM

1. (TCO A) A corporation has which of the following sets of characteristics? (Points : 5)
        Shared control, tax advantages, increased skills, and resources
        Simple to set up and maintains control with the founder
        Easier to transfer ownership and raise funds, no personal liability for stockholders
        Harder to raise funds and gives owner control


 

2. (TCO A) The Dividends account _____. (Points : 5)
        is increased with a debit
        is decreased with a credit
        is not an expense account
        All of the above
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