Accounting. True or False. Please include the explanations. Thank you! Question 3 (1 point): The closing entry when the result of operation is a net income for a corporation is a credit to Retained Earnings.

Options:

True

False

Question 4 (1 point): The date of declaration is the date the dividends are actually distributed to the shareholders.

Options:

True

False

Question 5 (1 point): Shares of stocks can also be distributed as dividends.

Options:

True

False

Question 6 (1 point): Stock Premium and Additional Paid in Capital are not the same.

Options:

True

False

Question 7 (1 point): Dividends are deducted in the Retained Earnings.

Options:

True

False

Question 8 (1 point): Preferred stockholders have the right to vote.

Options:

True

False

Question 9 (1 point): Ordinary shares do not have a fixed rate of dividend amount.

Options:

True

False

Question 10 (1 point): For a par value stock, the Share Capital account is credited at the par value when shares sold or subscribed have been fully collected.

Options:

True

False

Question 11 (1 point): The purpose of the partnership business is to divide the profit among them.

Options:

True

False

Question 12 (1 point): An ostensible partner is one who is not known to the public that he is a partner.

Options:

True

False

Question 13 (1 point): The partner's drawing account is credited when he/she gets the share of his/her partnership profit.

Options:

True

False

Question 14 (1 point): A liability attached to an asset can be absorbed by the partnership.

Options:

True

False

Question 15 (1 point): Between book value and market value, book value should be used when recording capital contributions during the formation of the partnership.

Options:

True

False

Question 16 (1 point): Each partner is personally and individually liable for all partnership liabilities except the industrial partner.

Options:

True

False

Question 17 (1 point): As compared to sole proprietorship, a greater amount of capital can be accumulated in a partnership because of the number of persons involved.

Options:

True

False

Question 18 (1 point): An oral contract of a partnership is not considered valid.

Options:

True

False

Question 19 (1 point): Not all partners are authorized agent of the partnership.

Options:

True

False

Question 20 (1 point): Limited partnership is one where partners are liable up to the extent of their personal property.

Options:

True

False