Week 8 : Final Exam - Final Exam

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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

3.(TCOs A, B) Below is a partial list of account balances forDenton Company:

Cash 7,000

Prepaid insurance 700

Accounts receivable...