1. Answer the following questions as listed below:

a) Explain the corporate characteristic termed no mutual agency

b) Explain the corporate characteristic termed limited liability

c) Explain the term outstanding stock.

d) Is it true or false that corporations muse issue common stock, but may or may not decide to issue preferred stock?

e) Is it true or false that all forms and classes of stock carry voting rights?

f) Is it true of false that stock sold for amounts in excess of par value results in a gain reported on the income statement?