The dominant form of business organization in the United States in terms of dollar sales volume, earnings, and employees is not known. O the sole proprietorship. O the corporation. O the partnership.Stockholders of a corporation directly elect O the board of directors. O the president of the corporation. O the treasurer of the corporation. O all of the employees of the corporation.The chief accounting officer in a company is known as the O controller. O treasurer. O vice-president president.Which one of the following would not be considered an advantage of the corporate form of organization? Limited liability of owners O Continuous life Government regulation O Separate legal existenceThe two ways that a corporation can be classified by purpose are O state and federal. profit and not-for-profit. O publicly held and privately held. O general and limited.The two ways that a corporation can be classified by ownership are O majority and minority. O publicly held and privately held. O stock and non-stock O inside and outside.The officer who is generally responsible for maintaining the cash position of the corporation is the O controller. O internal auditor. O treasurer. O cashier.If a corporation has only one class of stock, it is referred to as O dassless stock O common stock. O preferred stock. solitary stock.The term residual claim refers to a stockholders' right to O elect a board of directors. O receive dividends. O acquire additional shares when offered. O share in assets upon liquidation.Retained earnings is a part of the stockholders' claim on the total assets of the corporation. always equal to the amount of cash that the corporation has generated from operations. O dosed at the end of each accounting period. O a part of the paid-in capital of the corporation.Preferred stockholders have a priority over common stockholders as to O assets in the event of liquidation only. O dividends only. O voting rights. O both dividends and assets in the event of liquidation.The purchase of treasury stock O has no effect on common stock outstanding. O decreases common stock authorized. O decreases common stock outstanding O decreases common stock issued.When the selling price of treasury stock is greater than its cost, the company credits the difference to Treasury Stock O Gain on Sale of Treasury Stock. Paid-in Capital from Treasury Stock. O Paid-in Capital in Excess of Par.When stock is issued for legal costs incurred in forming a corporation, the transaction is recorded by debiting Organization Expense for the O book value of the stock O stated value of the stock O par value of the stock. O market value of the stock.If Oriole Company issues 9300 shares of $5 par value common stock for $293000, O Paid-In Capital in Excess of Par will be credited for $46500. O Paid-In Capital in Excess of Par will be credited for $246500. O Common Stock will be credited for $293000. O Cash will be debited for $246500