29. When a bond is purchased for an investment, the purchase price, minus the brokerage commission, plus any accrued interest is recorded.

True

False

30.Which of the following is not a characteristic of a limited liability company?

a.moderate ability to raise capital

b.taxable

c.limited legal liability

d.unlimited life

31.Which of the following would not be considered an advantage of the corporate form of organization?

a.government regulation

b.continuous life

c.separate legal existence

d.limited liability of stockholders

32. The balance in Retained Earnings should be interpreted as representing surplus cash left over for dividends.

True

False