Corporate officers are
A. listed in the corporate charter.
B. elected by stockholders.
C. appointed by the board of directors.
D. appointed by management.
E. elected by incorporators.
Answer: C
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If a company uses the indirect method to report cash flows, it
A. subtracts any increase in its accrued pension cost from net income. B. subtracts any increase in accrued pension cost as an investing activity. C. adds any increase in its accrued pension cost to net income. D. adds any increase in accrued pension cost as a financing activity.
In estimating the amount of uncollectible accounts the accountant (1) estimates the amount of outstanding accounts receivable that the firm does not expect to collect and (2) adjusts the balance in the Allowance for Uncollectible Accounts so that, after the entry to recognize estimated uncollectibles, the balance in the account will equal the amount that the firm does not expect to collect. The
name of this procedure is/are: a. the percentage-of-sales. b. aging-of-accounts-receivable. c. direct write-off. d. tax accounting. e. indirect write-off.
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Indicate whether the statement is true or false
Which of the following is correct concerning termination statements?
a. A secured party must file a termination statement when consumer goods are involved and the debtor has paid for them. b. The termination statement clears the debtor's public record with regard to old, irrelevant financing statements so that the same collateral can be used again to secure a future loan. c. The secured party must file a termination statement within 20 days of a consumer debtor's demand, provided the debtor has paid the full debt. d. All of the above are correct concerning termination statements.