All of the Following Are Characteristics of a Closely Held

question 35

Multiple Choice

All of the following are characteristics of a closely held corporation EXCEPT

• A)the shares are publicly traded.
• B)the corporation can typically operate without a board of directors.
• C)the shareholders usually restrict share transfer.
• D)minority shareholders are provided more protection than in regular corporations.

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Definitions:

General Ledger

A complete record of all financial transactions over the life of a company, organized by accounts.

Income Statement

A financial statement that summarizes revenues, expenses, and profits or losses of a business for a specific period.

Financial Statement

A document that presents a detailed financial status of a company, including balance sheets, income statements, and cash flow statements, at a specific point in time.