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19)which of the following statement is false

a)income taxes are not evaluated against sole propertorship and partnership but to the individual owners

b)if a corporation fails the creditors can obtain repay,ent from the personal assets of the stockholders

c)if a partnership fails the creditors can obtain repayment from the personal assets of the partner d)if a sole proprtership fails,the creditors canobtain repayment from the personal assets of the single owner

20)which of the following statement regarding adjusting entries is true

a)adjusting entries are made on a daily basics as cash is exchanged between parties

b)adjusting entries are made at periodic internals usually when the financial statement are about to be prepared

c)the recording of cash receits from customers is an example of an adjusting entry.

d)adjusting entries have nothing to do with accrual accounting

25)A characteristic of bonds or preferred stock that give the holder the right to exchange the security for common stock is

a)callable

b)convertible

c)callprice

d)participating

The term highly

26)the term high liquid means an investement

a)that could be classified as either a current or long term asset

b)which pays either a high dividend or a high interest rate

c)that could be easily converted to cash

d)in an equity security which has undergone a stock split or a stock dividend e)that has generated a substiantial gain and is thus very likely to be sold

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