QUESTION 7 Characteristics of a corporation include a. direct management by the shareholders (owners) b. shareholders who have limited liability c. shareholders who are mutual agents d. its inability to own property QUESTION 8 When no-par stock is issued, Common Stock is credited for the selling price of the stock issued. True False QUESTION9 Under the cost method, when treasury stock is purchased by the corporation, the par value and the price at which the stock was originally issued are important. True False