TRUE OR FALSE

__1 A corporation can sell its shares os stock at a stated value that is more than par value of stock.

__2 The principle of economic identity is also aplicable in corporate organization.

__3 The net income or net loss of a business for the year can be established by closing all income and expense accounts to the profit and loss or income summary account.

___4 A single proprietor can raise additional capital funds by issuing and selling shares of stock.

___5 If a company is dissolved and its assets have been liquidated, the investors have first priority in recovering their investments

___6 If a business entity's total expenses for the year exceeds the total income for the year, a likely decrease in capital will take place.

___7 Total income should exceed total expenses in order to achieve an increase in capital.

___8 Total assets should always equal the combined amounts of total liabilities and capital.

___9 If the financial condition of a business is stated as assets = capital, this denotes that all assets of the business are wholly owned by the entity.

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