Question: 1. Which of the following is not a characteristic of the corporate form of business? (a) Ease of capital accumulation, (b) Stockholder responsibility for corporate debts, (c) Ease in transferability of ownership rights, or (d) Double taxation.
2. Why is a corporation's income said to be taxed twice?
3. What is a proxy?
4. What are organization expenses? Provide examples.
5. How are organization expenses reported?
6. Who is responsible for directing a corporation's affairs?