Which of the Following Is a Characteristic of a Corporation

question 36

Multiple Choice

Which of the following is a characteristic of a corporation?

• A)Declaration of a dividend by the stockholders
• B)Appointment of officers by the stockholders
• C)Transferability of shares of stock
• D)Unlimited liability

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Definitions:

Segment Reporting

The practice of breaking down financial reports into divisions, product lines, or geographical markets to provide detailed financial information.

Accounting Standards

Guidelines and rules established by accounting organizations for preparing and reporting financial statements.

International Financial Reporting Standards

A set of accounting standards and guidelines developed and maintained by the International Accounting Standards Board (IASB) that is used internationally to ensure financial statements are transparent, comparable, and consistent.

U.S. GAAP

United States Generally Accepted Accounting Principles, a set of rules and standards for financial accounting and reporting in the U.S.