1. Stock Premium and additional paid in capital are not the same. T or F?

2. The closing entry when the result of operation is a net income for a corporation is a credit to retained earnings. T or F?

3. An oral contract of partnership is not considered valid. T or F?

4. not all partners are authorized agent of the partnership. T or F?

5. Dividends are deducted in the retained earnings. T or F?

6 Preferred stockholders have the right to vote. T or F?

7 A liability attached to an asset can be absorbed by the partnership. T or F?

8 Ordinary shares do not have a fixed rate of dividend amount. T or F?

9 Limited partnership is one where partners are liable up to the extent of their personal property. T or F?

10 an ostensible partner is one who is not known to the public that he is a partner. T or F?

11 the date of declaration is the date the dividends are actually distributed to the shareholders. T or F?

12 Each partner is personally and individually liable for all partnership liabilities except the industrial partner. T or F?

13 As compared to sole proprietorship, a greater amount of capital can be accumulated in a partnership because of the number of persons involved. T or F?

14 The purpose of the partnership business is to divide the profit among them. T or F?

15 Between book value and market value, book value should be used when recording capital contribution during the formation of the partnership. T or F?

16 the Partner's drawing account is credited when he/she gets the share of his/her partnership profit. T or F?

17 shares of stock can be also distributed as dividends. T or F?

18 for a par value stock, the share capital account is credited at the par value when shares sold or subscribed have been fully collected. T or F?