PLEASE ANSWER ALL THE T/F QUESTION!!

1.The income of corporations is double taxed, but this is not true for proprietorships and partnerships.

Group of answer choices

False

True

2. The number of authorized shares indicates the number of shares of stock the corporation has sold to the public.

Group of answer choices

True

False

3. No gain, loss, or other income effect is reported by an organization as a result of transactions occurring in its own stock.

Group of answer choices

False

True

4. Paying off bonds payable would be shown as a cash outflow for financing activity in the statement of cash flow.

Group of answer choices

False

True

5. Amount received from selling land for cash would be a cash inflow from an investing activity.

Group of answer choices

False

True

6. Financing activities are not part of an organizations central activities and involve either an asset or a liability account.

Group of answer choices

False

True

7. A lessee will amortize the leased asset under both operating and finance leases.

True

False