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True or False 1. Preference shares of stock may be issued with par or no-par value. 2; A corporation can be a general partner in a partnership. 3. The board of directors shall exercise the corporate powers of a corporation. 4. A public corporation is one formed for the government of a portion of the state 5. All incorporators are subscribers but a subscriber need not be an incorporator ation

True or False 1. Preference shares of stock may be issued with par or no-par value. 2; A corporation can be a general partner in a partnership. 3. The board of directors shall exercise the corporate powers of a corporation. 4. A public corporation is one formed for the government of a portion of the state 5. All incorporators are subscribers but a subscriber need not be an incorporator ation

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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HELP ME ACCOUNTING CORPORATION TRUE OR FALSE. BASED ON PHILIPPINE LAW, RULES OR STANDARD. THANKS

is All corporations issue shares of stock and are either public or private. * stock corporations have their share capital divided into shares and are authorized to distribute to the holders of such share dividends or allotments of the accumulated profits on the basis of the shares held. The president of a corporation must be a director of the corporation. a Incorporators can be artificial beings. * Death of a shareholder will not dissolve the corporation. 1 Preference shares of stock should only be issued as par value shares. 1. A de jure corporation is a corporation existing in fact and in law. 13. Shares without par value may be issued for a consideration less than P5.00 per share. 34. The liability of the shareholders for the payment of corporate debts is limited to the value of their shares. 35. A corporation shall have a corporate term of 50 years unless its articles of. incorporation states it as of perpetual existence. 36. Any person, partnership, association or corporation, singly or jointly with others but not more than fifteen (15) in number, may organize a corporation for any lawful purpose or purposes. 37. Natural persons who are licensed to practice a profession, and partnerships or associations organized for the purpose of practicing a profession, are allowed to organize as a corporation. 38, Under the old Corporation Code, the minimum number of incorporators was five. Under the RCCP, one person can form a corporation, the one person corporation, 39. Corporations vested with public interest shall have independent directors constituting at least 25% of such board. 40. Foreign corporations are allowed to give donations in aid of any political party or candidate or for purposes of partisan political activity. 41. In the articles of incorporation, the principal place of business must be a specific address within the Philippines. 42. A majority of the incorporators must be residents of the Philippines. 43. The incorporators and the treasurer sign the articles of incorporation. 44. If a corporation does not formally organize and commence its business within 3 years from the date of its incorporation, its certificate of incorporation shall be deemed revoked as of the day following the end of the 3-year period. 45. If the corporation is vested with public interest, the board has the option to elect a compliance officer. person, a trust or an estate. the sole shareholder's liability is always limited to his investment. * The single stockholder may be appointed as the corporate secretary of the OPC,. Chapter 5: Basic Considerations | 5-21 the Philippines.
Transcribed Image Text:is All corporations issue shares of stock and are either public or private. * stock corporations have their share capital divided into shares and are authorized to distribute to the holders of such share dividends or allotments of the accumulated profits on the basis of the shares held. The president of a corporation must be a director of the corporation. a Incorporators can be artificial beings. * Death of a shareholder will not dissolve the corporation. 1 Preference shares of stock should only be issued as par value shares. 1. A de jure corporation is a corporation existing in fact and in law. 13. Shares without par value may be issued for a consideration less than P5.00 per share. 34. The liability of the shareholders for the payment of corporate debts is limited to the value of their shares. 35. A corporation shall have a corporate term of 50 years unless its articles of. incorporation states it as of perpetual existence. 36. Any person, partnership, association or corporation, singly or jointly with others but not more than fifteen (15) in number, may organize a corporation for any lawful purpose or purposes. 37. Natural persons who are licensed to practice a profession, and partnerships or associations organized for the purpose of practicing a profession, are allowed to organize as a corporation. 38, Under the old Corporation Code, the minimum number of incorporators was five. Under the RCCP, one person can form a corporation, the one person corporation, 39. Corporations vested with public interest shall have independent directors constituting at least 25% of such board. 40. Foreign corporations are allowed to give donations in aid of any political party or candidate or for purposes of partisan political activity. 41. In the articles of incorporation, the principal place of business must be a specific address within the Philippines. 42. A majority of the incorporators must be residents of the Philippines. 43. The incorporators and the treasurer sign the articles of incorporation. 44. If a corporation does not formally organize and commence its business within 3 years from the date of its incorporation, its certificate of incorporation shall be deemed revoked as of the day following the end of the 3-year period. 45. If the corporation is vested with public interest, the board has the option to elect a compliance officer. person, a trust or an estate. the sole shareholder's liability is always limited to his investment. * The single stockholder may be appointed as the corporate secretary of the OPC,. Chapter 5: Basic Considerations | 5-21 the Philippines.
NAME: PROFESSOR: SECTION: True or False 1. Preference shares of stock may be issued with par or no-par value. 2. A corporation can be a general partner in a partnership. 3. The board of directors shall exercise the corporate powers of a corporation. 4. A public corporation is one formed for the government of a portion of the state All incorporators are subscribers but a subscriber need not be an incorporator A partnership can be a corporator in a corporation. 7. No-par value shares may not be issued without being fully paid. 8. A shareholder in a corporation does not have the right to transact corporate business or to intervene in the management of the business. 9. A corporation can come into existence by mere agreement of the parties as in the case of partnerships. 10. A corporation can be held liable for personal indebtedness of a shareholder. 11. Shareholders may be natural or juridical persons. 5. 6. 12. No-par value shares have a minimum stated value of P5.00 per share. 13. Each of the incorporators of a stock corporation must own or be a subscriber to 2 least two (2) shares of the share capital of the corporation. 14. The board of directors is responsible for the formulation and implementation of the overall policies for the corporation. 15. Eleemosynary corporations are those organized for public charity. 16. A corporation is an artificial being with a personality separate and apart from its individual shareholders or members. 17. Shares of stock cannot be transferred without the consent of the other shareholders. 18. Shareholders of a corporation elect the board of directors, who in turn appoint the top officers of the corporation. 19. Under the RCCP, at least twenty five percent of authorized share capital must be subscribed and at least twenty-five percent of the total subscription must be pad upon subscription. In no case shall the paid-up capital be less than P5,000. 20. A corporation has continuity of existence which permits the business to continue regardless of changes in ownership or the death of a shareholder. 21. Only natural persons can be incorporators. 22. Any individual shareholder in a corporation may personally be held liable for debts incurred by the corporation. 23. Non-stock corporations may be formed or organized for charitable, religic educational, professional, cultural, recreational, fraternal, literary, scientific, sOca civic service, or similar purposes. 24. A corporation is created by agreement of the shareholders. 25. All incorporators (if they continue to be shareholders) are corporators corporation. 5-20 | WIN Ballada's Partnership and Corporation Accounting
Transcribed Image Text:NAME: PROFESSOR: SECTION: True or False 1. Preference shares of stock may be issued with par or no-par value. 2. A corporation can be a general partner in a partnership. 3. The board of directors shall exercise the corporate powers of a corporation. 4. A public corporation is one formed for the government of a portion of the state All incorporators are subscribers but a subscriber need not be an incorporator A partnership can be a corporator in a corporation. 7. No-par value shares may not be issued without being fully paid. 8. A shareholder in a corporation does not have the right to transact corporate business or to intervene in the management of the business. 9. A corporation can come into existence by mere agreement of the parties as in the case of partnerships. 10. A corporation can be held liable for personal indebtedness of a shareholder. 11. Shareholders may be natural or juridical persons. 5. 6. 12. No-par value shares have a minimum stated value of P5.00 per share. 13. Each of the incorporators of a stock corporation must own or be a subscriber to 2 least two (2) shares of the share capital of the corporation. 14. The board of directors is responsible for the formulation and implementation of the overall policies for the corporation. 15. Eleemosynary corporations are those organized for public charity. 16. A corporation is an artificial being with a personality separate and apart from its individual shareholders or members. 17. Shares of stock cannot be transferred without the consent of the other shareholders. 18. Shareholders of a corporation elect the board of directors, who in turn appoint the top officers of the corporation. 19. Under the RCCP, at least twenty five percent of authorized share capital must be subscribed and at least twenty-five percent of the total subscription must be pad upon subscription. In no case shall the paid-up capital be less than P5,000. 20. A corporation has continuity of existence which permits the business to continue regardless of changes in ownership or the death of a shareholder. 21. Only natural persons can be incorporators. 22. Any individual shareholder in a corporation may personally be held liable for debts incurred by the corporation. 23. Non-stock corporations may be formed or organized for charitable, religic educational, professional, cultural, recreational, fraternal, literary, scientific, sOca civic service, or similar purposes. 24. A corporation is created by agreement of the shareholders. 25. All incorporators (if they continue to be shareholders) are corporators corporation. 5-20 | WIN Ballada's Partnership and Corporation Accounting
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De jure corporation is a corporation existing in fact and in law.

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