The act of a corporation to call in its shares and issue one new share in the place of more than one share previously outstanding is a A Liquidating dividend B Reverse share split Cash dividend D Share dividend E Share split When a partnership is liquidated A The liabilities are paid. B All of these answers are correct The remaining cash is distributed to the partners. The non cash assets are converted to cash. E Any gain or loss on liquidation is allocated to the partners' capital accounts. In the absence of a partnership agreement, the law says income/loss sharing should be based on A fractional basis B Salary allowances Equal shares The ratio of capital investments E Interest allowances 47 of 50 Ultimate control of a corporation lies with B A Manager Shareholders D Board of Directors Employees E CEO