Current liabilities fall into two categories, which are referred to as: contra liabilities and contingent liabilities liabilities of a known amount and liabilities whose amount must be estimated O O O liabilities of a known amount and contingent liabilities d contingent liabilities and non contingent liabilities Question 15 (1 point) Which of the following is a disadvantage of the corporate form of business organization? ease of transferring ownership limited liability difficulty in transferring ownership greater government regulations at both the federal and provincial levels Question 16 (1 point) A retirement of common shares: increases the number of common shares outstanding decreases share capital and total shareholders' equity O decreases the number of shares authorized increases share capital and total shareholders' equity Question 17 (1 point) Bonds which are backed only by the good faith of the borrower are referred to as: secured bonds mortgage bonds Bonds which are backed only by the good faith of the borrower are referred to as: secured bonds mortgage bonds registered bonds debenture bonds Question 18 (1 point) Blu Corporation issued 1,000 common shares in exchange for a new commercial band saw. At the time of this transaction the shares were trading at $10 and the fair value of the saw was at $12,000. This transaction would be recorded at $10,000. True False Question 19 (1 point) An unearned revenue arises when a company receives cash from its customers in advance of earning the revenue True False Question 20 (1 point) A $1,500 bond quoted at 98 1/2 is selling for: $1,518 $1,478 $1,500 $1,492 Question 21 (1 point) All of the following are basic rights of a shareholder except