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- Stockholders elect a group of members from among them to manage the affairs of the Corporation, this group is called: O a. Board of directors O b. Articles of partnership O C. Stakeholders O d. OwnersFinancial Accounting and Reporting: Introduction to Corporation True or False 7. A corporation can be held liable for personal indebtedness of a shareholder.8. Shareholders may be natural or juridical persons.9. The board of directors is responsible for the formulation and implementation of the overallpolicies for the corporation.TRUE OR FALSE. IF FALSE WHY. Shareholders elect the board of directors which appoints the management of a corporation.
- One Person Corporation (OPC) special feature is __________________: (A)There must be a by-laws which is required; (B) The single stockholder shall be the sole Director and President of the corporation; (C) There must be a Treasurer and Secretary; (D) There is a Board of Directors; (E) There is unlimited liability32. Ownership of shares of share capital entitles the holders to all of the following rights, except: * a. To elect the board of directors of the corporation. b. To share in the profits of the corporation. c. To purchase new shares of stock when they are offered for sale. d. To participate in the daily operations of the corporation.The Sarbanes-Oxley Act provides for requirements with respect to which committee(s) of a company's board of directors? Select one: A. Nominating committee. B. Audit committee. C. Compensation committee and audit committee. D. Nominating committee and compensation committee.
- Who makes the financial decisions for a corporation? Select one: a. Financial accountant. b. Corporate finance manager. c. Hedge fund manager. d. Assistant accountant.Write T if the statement is true, and F if the statement is false and provide an explanation each item. 7. The ultimate control of the corporation rests with the board of directors. 8. Shareholders can transact business on behalf of the corporation.Who is liable for a corporation's debts and obligations? OA. the limited partners OB. the general partners OC. the corporation OD. the registered agent OE. the shareholders
- Officers of the corporation are A. appointed by the stockholders.B. stockholders of the corporation.C. appointed by the board of directors.D. None of these answers are correcttrue or false.a. The policy-making body in a corporation is called the board of directorsState two desired characteristics of the Board of Directors of an effective corporation.