Which of the Following Best Defines a Surviving Corporation

question 71

Multiple Choice

Which of the following best defines a surviving corporation?

• A) a corporation that continues its operations after filing for bankruptcy
• B) a corporation that has been in existence for at least 50 years
• C) a proprietorship or partnership that evolved into a corporation
• D) a corporation that continues to exist after a merger

---

Definitions:

Financial Statements

Reports that provide an overview of a company's financial condition, including the balance sheet, income statement, and cash flow statement.

Real Accounts

Also known as permanent accounts, these include assets, liabilities, and equity accounts which are not closed at the end of the accounting period and their balances are carried forward.

Owner's Capital

The total value of all assets contributed by the owner to a business minus any withdrawals, representing the owner's equity in the company.

Accumulated Depreciation

The total amount of depreciation expense that has been recorded against the cost of a fixed asset, reducing its book value over time.