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Horngren'S Financial And Managerial Accounting
Found in: Page 711

Short Answer

Identifying advantages and disadvantages of a corporation

Following is a list of advantages and disadvantages of the corporate form of business. Identify each quality as either an advantage or a disadvantage.

b. Entity has continuous life.

Entity has continuous life is considered as advantage of a company.

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Step by Step Solution

Step 1: Basic Introduction

Shareholders are considered as the owners of the company to the proportion of their shareholdings. Common stockholders have right to vote in the meeting of the corporation.

Step 2: Identification of quality

Corporation has a lawful separate legal existence that means the corporation has its own lawful rights and obligations, separate to the owners/ shareholders of the corporation.

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