Identify a true statement about the continuity of business in a corporation if one of the entrepreneurs dies or withdraws from the business.Multiple choice question.It leads shareholders to withdraw their shares from the business.It results in the termination of the business.It seldom affects the continuity of the business.It results in the issuance of insurance against liability suits.

The life of a corporation ______.Multiple choice question.ends when all of the original shareholders are deceased.is limited to 65 yearsends when a founding shareholder wants to sell his sharesis unlimited

Which of the following statements about companies is not true?Group of answer choicesIt can enter into contracts in its own name.It can sue and be sued.It is a separate tax-paying entity.It must be dissolved when a partner dies or retires.

A corporation has the capacity of continuous existence irrespective of the death, withdrawal, insolvency, or incapacity of the individual members or stockholders and regardless of the transfer of their interest or shares of stock.Group of answer choicesTrueFalse

Leon and the other owners also had to keep the continuity of the enterprise in mind. Leather for Africa would _______.a.have limited continuityb.have an indefinite lifespanc.cease to exist, if one of the shareholders withdrew from the enterprised.cease to exist, if they decided to involve more shareholders

Which accounting principle states that financial statements should reflect the assumption that the business will continue to operate indefinitely?a.Materiality principleb.Going concern principlec.Consistency principled.Conservatism principle