One of the main disadvantages of the corporate form is the a. charter b. professional management c. double taxation of dividends d. corporation must issue stock The term deficit is used to refer to a debit balance in which of the following accounts of a corporation? a. Treasury Stock b. Organizational Expenses c. Retained Earnings d. Common Stock Which one 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 The cumulative declaration and payment of a cash dividend on a company's financial statements effect of the to a. increase total expenses and total liabilities. b. increase total assets and stockholders' equity. c. decrease total assets and stockholders' equity. d. decrease total liabilities and stockholders' equity. Which of the following is not true of a corporation? a. It may sue and be sued. b. It may buy, own, and sell property. c. It may enter into binding legal contracts in its own name. d. The acts owners bind the corporation. Which of the following is the appropriate general journal entry to record the declaration of a cash dividends? a. Cash Dividends payable Cash b. Cash Dividends Cash Dividends Payable c. Paid-in capital Cash Dividends payable d. Retained earnings Cash Which of the following amounts should be disclosed in the stockholders' equity section of the balance sheet? a. the number of shares of common stock outstanding b. the number of shares of common stock authorized c. the number of shares of common stock issued d. all of the above