1)) Which of the following is not a characteristic of the corporate form of doing business?

-Personal liability of stockholders.

-Transferable ownership rights

-Ability to acquire capital

- Separate legal existence

2)) Reese Co. pays a cash dividend to its stockholders in the amount of $50,000. The payment of the dividend will cause

-total assets to increase.

-total liabilities to increase.

-total stockholders' equity to increase.

-total assets to decrease.

3)) Under the indirect method of cash flow statement preparation, accounts payable increasing during the period tells us that

-cash payments for expenses were the same as the expenses reported on the income statement.

-cash payments for expenses were less than the expenses reported on the income statement.

-cash payments for expenses were more than the expenses reported on the income statement.

-A change in accounts payable does not tell us anything about cash.