1. Stock Premium and additional paid in capital are not the same. T or F?

2. The closing entry when the result of operation is a net income for a corporation is a credit to retained earnings. T or F?

3. An oral contract of partnership is not considered valid. T or F?

4. not all partners are authorized agent of the partnership. T or F?

5. Dividends are deducted in the retained earnings. T or F?

6 Preferred stockholders have the right to vote. T or F?

7 A liability attached to an asset can be absorbed by the partnership. T or F?

8 Ordinary shares do not have a fixed rate of dividend amount. T or F?

9 Limited partnership is one where partners are liable up to the extent of their personal property. T or F?

10 an ostensible partner is one who is not known to the public that he is a partner. T or F?