90.

If the partnership agreement does not specify how income is to be allocated

profits and loss should be allocated
a. Equally
b. By any appropriate ratio
c. By any means that will save taxes
d. 1According to capital contribution
91.Which of the following statements describing a corporation is not true?
a. A corporation is subject to a greater governmental regulation than sole
proprietorship or partnership
b. Shareholders are the owners of a stock corporation
c. 1Shareholders own the business and manage its day-today affairs
d. When ownership of corporation changes, the corporation does not
terminate
92.Preference shares that have no claim on any prior year dividends that may
have passed
a. Cumulative preference shares
b. Participating preference shares
c. 1Non-cumulative preference shares
d. Non-participating preference shares
93.Treasury Shares are reported as
a. Contra asset
b. Asset
c. 1Contra shareholders equity
d. Liability
94.The articles of partnership should make clear all of the following except:
a. Profit-sharing ratio
b. Withdrawals allowed to partners
c. Causes of partnership dissolution
d. 1Taxes paid by the partnership