Corporation-MCQ - Practice yourself with this reviewe…
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Corporation-MCQ - Practice yourself with this reviewer. Corporation
Multiple Choice Questions
Practice yourself with this reviewer. Corporation Multiple Choice Questions with...
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University
Batangas State University
Course
BS Accountancy (ACC 102)
Academic year: 2020/2021
Listed books
Managerial Accounting for Managers
Human Behavior in Organizations
The Law on Obligations and Contracts
Conceptual Framework and Accounting Standards
Auditing Theory
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Corporation MCQ (1-10)
CFAS Questions and key - Conceptual framework
1. A corporation where vacancies in the Board of Directors, are filled only by the remaining members of the Board, is:
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a. Open 1corporation;
With Answers
b. Corporation sole;
c. Eleemosynary corporation;
BL Soriano
d. Close - Oblicon
corporation
ANSWER: D
Theories Intermed - IT WILL BE USEFUL AS YOUR REVIEW MATERIAL
2. The following, except one, are qualifications of corporate directors:
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a. Must continuously own at least one share during their term as directors.
511085235 MAS Agamata 2012 Ed Solution Manual
b. Must own at least one share of stock.
c. Ownership of shares must be recorded in the books of the corporation.
d. Majority are citizens of the Philippines.
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ANSWER: D
3. In a corporation, two or more positions may be held concurrently by the same person, except that no one person shall act as:
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a. President and Chairman of the Board
b. Secretary and Treasurer
c. Treasurer and Director
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d. President and Secretary
ANSWER: D
Corporation MCQis(1-10)
4. Which of the following a disadvantage of forming a corporation?
1. A a.b.corporation where vacancies in the Board of Directors, are lled only
The shareholders are not liable for the debts of the business.
The subservience of minority stockholders to the wishes of the majority subject only to equitable restraints.
by the remaining members of the Board, is:
c. Because of the power of succession, the existence of the entity is not affected by the personal vicissitudes of the individual
shareholders.
d. The free and ready transferability of ownership.
a Open corporation; b Corporation sole; c Eleemosynary corporation; d Close
ANSWER: B
5. How many number of votes of the Board of Directors are required to change the name of the corporation?
a. 2/3 vote of all the members of the Board
b. 2/3 vote of all present
c. Majority vote of all present constituting a quorum
d. Majority vote of the Board
ANSWER: D
6. A private corporation commences to have corporate existence and juridical personality from the date:
a. The officers of the corporation are elected by the stockholders.
b. The incorporators sign the Articles of Incorporation.
c. The Articles of Incorporation and By-laws are presented to the SEC.
d. The SEC issues it certificate of incorporation under its seal.
ANSWER: D
7. The interest or right of the owner in the corporation's profits or in the net assets of the corporation on dissolution is:
a. Dividend
b. Share of Stock
c. Certificate of Stock
d. Capital
ANSWER: B
8. Requirement to effect the amendment of the by-laws of a corporation
a. Majority vote of the Board of Directors
b. Vote of 2/3 of the outstanding capital stock
c. Majority vote of the Board of Directors and majority vote of the outstanding capital stock
d. Majority vote of the outstanding capital stock
ANSWER: C
9. The right of a corporation to exist as a juridical person during its term as stated in its Articles of Incorporation despite the death
of any of its stockholders is:
a. Right of Existence
b. Right of Redemption
c. Right of Succession
d. Pre-emptive Right
ANSWER: C
10. The following person cannot be an incorporator of a corporation:
a. A resident alien
b. A married woman without the consent of the husband even if the payment of her shares is her paraphernal property
c. A subscriber on the shares of the corporation who pays less than 25% of his subscription
d. A corporation organized under the laws of the Philippines
ANSWER: D
Corporation MCQ (11-20)
11. Which of the following documents may be submitted before or after incorporation?
a. Verification certificate as to the name of the corporation
b. By-laws
c. Certificate of bank deposit as to the paid-up capital
d. Articles of Incorporation
ANSWER: B
12. A stock corporation, in general, is taxed in the same manner as
a. General professional partnership
b. Non-general professional partnership
c. Sole proprietorship
d. Cooperative
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