简答题Which of the following is not a major advantage of a corporation? A、Separate legal existence. B、Continuous life. C、Limited liabilities for stockholders. D、Double taxation.简答题Companies should record stock issued for services or noncash property at either the fair value of the stock issued or the fair value of the consideration received.简答题Stock that has a fixed per-share amount printed on each stock certificate is called ____ A、stated value stock. B、fixed value stock. C、uniform value stock. D、par value stock.简答题When a state authorizes the sale of stock to stockholders, the corporation will credit Retained Earnings for the par value of the stock.简答题Each partner of a partnership may be held personally liable for ____ A、business debts equal to the balance of that partner's capital account. B、only the amount that the partner orginally invested in the business. C、all debts of the business. D、all debts of the business and all personal debts of the other partners.简答题Stockholders' equity is generally classified into two major categories: ____ A、contributed capital and appropriated capital. B、appropriated capital and retained earnings. C、retained earnings and unappropriated capital. D、paid-in capital and retained earnings.简答题For which form(s) of organization is a business considered a legal entity separate from its owners? A、Business organized as a sole proprietorship. B、Business organized as a partnership. C、Business organized as a corporation. D、In each of the above situations, the business is a legal entity separate from its owner(s).简答题Hengfa Corp. has total stockholders' equity of ￥7,400,000. The company's outstanding capital stock includes 100,000 shares of ￥10 par value common stock and 20,000 shares of 6%, ￥100 par value preferred stock. (No dividends are in arrears.) The book value per share of common stock is ____ A、￥39. B、￥49. C、￥54. D、￥74.简答题A corporation is a legal entity separate from its owners; it may sue and be sued, but it may not own property in its own name.简答题The owner of a sole proprietorship is personally liable for the debts of the business, wheras the stockholders of a corporation are not personally liable for the debts of the business.简答题Century Corporation issued 400,000 shares of ￥4 par value common stock at the time of its incorporation. The stock was issued for cash at a price of ￥16 per share. During the first year of operations, the company sustained a net loss of ￥100,000. The year-end balance sheet would show the balance of the Common Stock account to be ____ A、￥1,600,000. B、￥1,500,000. C、￥6,300,000. D、￥6,400,000.简答题The number of shares a corporation may issue is specified in the articles of incorporation.简答题Which of the following represents the total number of shares that a corporation may issue under the terms of its charter? A、Authorized shares. B、Issued shares. C、Unissued shares. D、Outstanding shares.简答题The term sole proprietorship is used to describe a corporation in which all the capital stock is owned by one person.简答题In a limited partnership, the liability of every partner is limited to the amount that he or she has invested in the business.简答题A corporation continues in existence even if a stockholder dies or withdraws from the organization.简答题The par value of a stock is the minimum amount of capital of the corporation existing for the protection of creditors.简答题Hongfa Corporation has 50,000 shares of ￥10 par common stock authorized. The following transactions took place during 2018, the first year of the corporation's existence: Sold 5,000 shares of common stock for ￥18 per share. Issued 5,000 shares of common stock in exchange for a patent valued at ￥100,000. At the end of the Hongfa' s first year, total paid-in capital amounted to ____ A、￥40,000. B、￥90,000. C、￥100,000. D、￥190,000.简答题The retained earnings are a subdivision of paid-in capital.