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Post-Test True False



 This activity contains 5 questions.

Question 1.
The owners of a corporation are also known as shareholders.

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Question 2.
In the basic accounting equation, Liabilities + Owner’s Equity = the Retained Earnings of the business.

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Question 3.
A corporation is a business that is legally and financially separate from its owners.

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Question 4.
A Capital Contribution occurs when a person exchanges cash for ownership in a business.

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Question 5.
Business activities that involve acquiring and paying for goods or services are part of the acquisition/payment process.

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