Chapter 12 Flashcards
(21 cards)
If there’s no partnership agreement what happened
Profits and losses are divided equally
And owner of the corporation is called a
Shareholder
The taxation of the partnership is treated like that of
A soul proprietorship
A dividend must be paid when
The Board of Directors declare one
Which class of owner does not benefit from limited liability
A general partner
Which is similar to organize a partnership or a corporation
Partnership
Is useful to know inventory turnover to compare to
Competitors previous years and their manufacturing industry
I didn’t must be paid on the
Date of payment
What a small corporation is taxed in Canada the taxe is
23%
What are the financial statements for partnership
Statement of distribution of that income statement of partners capital balance sheet and income statement
The calculation that shows how investors to you about a company listed on the stock exchange is
Price earnings ratio
A corporation is treated as a separate legal person by the law. This feature gives rise to the concept of
continuity and limited liability
Preferred shareholders have superior claim over common shareholders on
Assets and dividends
True or false the shorter the collection. For Accounts Receivable the better
True
True or false in a common size income statement individual amounts are expressed as a percentage of net income
False
The existence of the company ends of the death of its major shareholder
False
True or false public corporations find it much harder to raise capital then do partnerships
False
True or false on common size balance sheets individual items are expressed as a percentage of total assets
True
Who or false preferred shares you’re not generally carry voting rights
True
The profits of a partnership or not subject to corporation income tax true or false
True
True or false the apportion the net income to partners this hours and interest if any are distributed first
True
