Which of the following is nota characteristic of a corporation?
a. Corporations are organized as a separate legal taxable entity.
b. Ownership is divided into shares of stock.
c. Corporations experience an ease in obtaining large amounts of resources by issuing stock.
d. A corporation's resources are limited to its individual owners' resources.
Question 2
Clark County was hired by Catlett City, the largest city in the county, to maintain some of its roads. Clark County billed Catlett City for its cost of maintaining the roads. The amount of the billing was 60,000 .
Clark County should report the 60,000 as
A. An other financing source.
B. A revenue.
C. A reduction of expenditures.
D. A gain on work performed for other governments.
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