09 May Question1. Which of the following statements is CORRECT?
Question
1. Which of the following statements is CORRECT?
a. One of the disadvantages of a sole proprietorship is that the proprietor is exposed to
unlimited liability.
b. It is generally easier to transfer one’s ownership interest in a partnership than in a
corporation.
c. One of the advantages of the corporate form of organization is that it avoids double
taxation.
d. One of the advantages of a corporation from a social standpoint is that every
stockholder has equal voting rights, i.e., “one person, one vote.”
e. Corporations of all types are subject to the corporate and personal income tax.
2. Which of the following statements is CORRECT?
a. The cash flows for an ordinary (or deferred) annuity all occur at the beginning of the
periods.
b. If a series of unequal cash flows occurs at regular intervals, such as once a year, then
the series is by definition an annuity.
c. The cash flows for an annuity due must all occur at the ends of the periods.
d. The cash flows for an annuity must all be equal, and they must occur at regular
intervals, such as once a year or once a month.
e. If some cash flows occur at the beginning of the periods while others occur at the
ends, then we have what the textbook defines as a ‘variable’ annuity.
3. Which of the following statements is most CORRECT?
a. The four most important financial statements provided in the annual report are the
balance sheet, income statement, cash budget, and the statement of stockholders’
equity.
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