THIS IS ALL ONE QUESTION!!!

True/False 1. The proceeds from the issue of shares are credited to the share capital account. 2. Shareholders' liability is generally unlimited; therefore, creditors have recourse to shareholders' personal assets as well as corporate assets. 3. Retained earnings are the cumulative net income (loss) that has been retained in a corporation. 4. Authorized shares are the same as issued shares. 5. The cumulative feature of shares applies to preferred shares. 6. Dividends in arrears are shown as a liability on the balance sheet. 7. When shares are issued for noncash assets, the cost of the assets acquired is equal to the fair market value of the shares issued. True False True False True False True False True False True False True False