1.(TCO A) A corporation has which of the following sets of characteristics? (Points : 5)Shared control, tax advantages, increased skills, and resourcesSimple to set up and maintains control with the founderEasier to transfer ownership and raise funds, no personal liability for stockholdersHarder to raise funds and gives owner control2.(TCO A) The Dividends account _____. (Points : 5)is increased with a debitis decreased with a creditis not an expense accountAll of the above3.(TCOs A, B) Below is a partial list of account balances for Denton Company:Cash $7,000Prepaid insurance 700Accounts receivable 3,500Accounts payable 2,800Notes payable 4,200Common stock 1,400Dividends 700Revenues 21,000Expenses 17,500What did Denton Company show as total credits? (Points : 5)$30,100$29,400$28,700$30,8004.(TCOs B, E) Using accrual accounting, expenses are recorded and reported only _____. (Points : 5)when they are incurred, whether or not cash is paidwhen they are incurred and paid at the same timeif they are paid before they are incurredif they are paid after they are incurred