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1 Treasury shares decrease the total shareholders' equity? True or False?

2 One of the reasons why partnership incorporate is because of the limited life of the corporation? True or False?

3 Revaluation surplus is the increase in the value of current assets after applicable assessment and evaluation? True or False?

4 Ordinary shares received dividends and vote in the board of directors' elections? True or False?

5 Stock split result to the conversion of the existing shares into multiple shares, True or False?

6 The normal balance of treasury shares is debit. True or False?

7 The primary objective of financial reporting is to provide information about the firm that will be beneficial to all stakeholders. True or False?

8 Stock dividends increase the total shareholders equity. True or False?

9 The shares of stock owned by a person can transferred to another individual without the consent of the other shareholders. True or False?

10 If the newly formed corporation will use a new set of books, the partnership books will not be closed. True or False?

11 The profit and loss agreement of the partners will still be in effect in the corporation. True or False?

12 The articles of partnership will also be used once the partnership is converted to a corporation. True or False?

13 The shareholders have unlimited liability. True or False?

14 The shareholders' equity section is a part of the income statement. True or False?

15 The equity of a partner is also called stockholders' equity. True or False?

16 The names of the partners in the partnership turned corporation will appear in the equity section. True or False?

17 Dividends are declared by the board of directors. True or False?

18 The amount of agreed goodwill set to the partnership will be share by the partners using their profit and loss ratio. True or False?

19 Net loss increases retained earnings. True or False?

20 Government owned or controlled corporations are organizations owned by their majority shareholder, the government. True or False?