A Corporation Is a Separate Legal Entity Capable of Owning

question 42

True/False

A corporation is a separate legal entity capable of owning property, contracting, and being sued in its own name.

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Definitions:

Government

The organization, machinery, or agency through which a political unit exercises authority and performs functions and which is usually classified according to the distribution of power within it.

Remeasurement Gains And Losses

Gains or losses that result from the process of converting the financial statements of a foreign operation into the presentation currency or functional currency.

Unrealized Gains

Gains on investments that have increased in value but have not yet been sold and thus not turned into cash.

Statement

A general term for any kind of financial report or declaration made by a company or an individual.