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Sallie Mae began providing federal loans to students

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The underlying idea behind ____ accounting is that a manager should be held accountable for only those items the manager can actually control:

Which of the following statements is CORRECT?a. One drawback of forming a corporation is that it subjects the firm to additional regulations.b. One drawback of forming a corporation is that it subjects the firm's investors to increased personal liabilities.c. One drawback of forming a corporation is that it makes it more difficult for the firm to raise capital.d. One advantage of forming a corporation is that it subjects the firm's investors to fewer taxes.e. One disadvantage of forming a corporation is that this makes it more difficult for the firm's investors to transfer their ownership interests.

Which of the following statements is CORRECT?a. Due to limited liability, unlimited lives, and ease of ownership transfer, the vast majority of U.S. businesses (in terms of number of businesses) are organized as corporations.b. Most businesses (by number and total dollar sales) are organized as proprietorships or partnerships because it is easier to set up and operate in one of these forms rather than as a corporation. However, if the business gets very large, it becomes advantageous to convert to a corporation, primarily because corporations have important tax advantages over proprietorships and partnerships.c. Due to legal considerations related to ownership transfers and limited liability, most business (measured by dollar sales) is conducted by corporations in spite of large corporations' less favorable tax treatment.d. Large corporations are taxed more favorably than sole proprietorships.e. Corporate stockholders are exposed to unlimited liability.

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