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The articles of incorporation differ from the by-la tion are: a. the rules of action adopted by a corporation for b. Adopted before or after incorporation c. A condition precedent in the acquisition by personality

The articles of incorporation differ from the by-la tion are: a. the rules of action adopted by a corporation for b. Adopted before or after incorporation c. A condition precedent in the acquisition by personality

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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Subject: Law on Partnership and Corporations 

 

 

 

10. Stock dividends differ from cash dividends in that stock dividends do not increase the legal capital b. involve disbursements of corporate funds c. require the approval of both the board of directors and the stockholders d. once received by the stockholders, are beyond the reach of corporate creditors. a. 11.the subscriber of unpaid shares which are not delinquent shall be entitled to the following rights, except the right to a. vote b. inspect corporate books c. a stock certificate d. dividends _12. these statements pertaining to the right of a stockholder to inspect the books and records of a corporation were presented to you for evaluation: 1. the right may be delegated to an agent 2. the right may be denied if in the past, the stockholder improperly used the information which he obtained from the books and records of another corporation of which he is also a stockholder a. both statements are true b. both statements are false c. statement 1 is true; statement 2 is false d. statement 1 is false; statement 2 is true 13. under this doctrine, the separate personality of a corporation may be disregarded if it is used for fraudulent or illegal purpose or to escape the faithful com pliance of an obligation a. trust fund doctrine b. doctrine of piercing the veil of corporate entity c. doctrine of corporate opportunity d. doctrine of limited capacity 14. Consolidation differs from merger in that in consolidation: a. the surviving corporation shall enjoy all the rights, powers and attributes of a corporation under the corporation code b. the existing liabilities of the constituent corporations shall be assumed by the surviving corporation c. the corporate existence of all the constituent corporations shall be extinguished and a new corporation emerges d. the surviving corporation shall possess all the rights, privileges, immunities and franchises of the constituent corporation. 15. The right of a stockholder to demand payment of the fair value of his/her shares when he dissents from certain corporate acts is known as a. pre-emptive right b. appraisal right c. redemption right d. appreciation right 16. the stock that is issued without consideration or below par value or the issued price is known as a. watered stock b. delinquent stock c. redeemable stock d. preferred stock
Transcribed Image Text:10. Stock dividends differ from cash dividends in that stock dividends do not increase the legal capital b. involve disbursements of corporate funds c. require the approval of both the board of directors and the stockholders d. once received by the stockholders, are beyond the reach of corporate creditors. a. 11.the subscriber of unpaid shares which are not delinquent shall be entitled to the following rights, except the right to a. vote b. inspect corporate books c. a stock certificate d. dividends _12. these statements pertaining to the right of a stockholder to inspect the books and records of a corporation were presented to you for evaluation: 1. the right may be delegated to an agent 2. the right may be denied if in the past, the stockholder improperly used the information which he obtained from the books and records of another corporation of which he is also a stockholder a. both statements are true b. both statements are false c. statement 1 is true; statement 2 is false d. statement 1 is false; statement 2 is true 13. under this doctrine, the separate personality of a corporation may be disregarded if it is used for fraudulent or illegal purpose or to escape the faithful com pliance of an obligation a. trust fund doctrine b. doctrine of piercing the veil of corporate entity c. doctrine of corporate opportunity d. doctrine of limited capacity 14. Consolidation differs from merger in that in consolidation: a. the surviving corporation shall enjoy all the rights, powers and attributes of a corporation under the corporation code b. the existing liabilities of the constituent corporations shall be assumed by the surviving corporation c. the corporate existence of all the constituent corporations shall be extinguished and a new corporation emerges d. the surviving corporation shall possess all the rights, privileges, immunities and franchises of the constituent corporation. 15. The right of a stockholder to demand payment of the fair value of his/her shares when he dissents from certain corporate acts is known as a. pre-emptive right b. appraisal right c. redemption right d. appreciation right 16. the stock that is issued without consideration or below par value or the issued price is known as a. watered stock b. delinquent stock c. redeemable stock d. preferred stock
1. The articles of incorporation differ from the by-laws in that the articles of incorporation are: a. the rules of action adopted by a corporation for its internal government. b. Adopted before or after incorporation A condition precedent in the acquisition by a corporation of a juridical personality с. d. Approved by the stockholders if adopted after incorporation. 2. the following may be the consideration of the shares of stocks of a corporation, except. a. actual cash paid to the corporation b. previously incurred indebtedness of the corporation c. amounts transferred from unrestricted retained earnings d. service to be performed by a lawyer on the proposed increase in capital stock of the corporation _3. A certificate of stock is distinguished from share of stock in that a share of stock: a. is the written evidence of a stockholder's interest in the assets and management of the corporation. b. Is tangible personal property c. Is one of the units into which the capital stock is divided. d. May not be issued if the subscription has not been fully paid. 4. The articles of incorporation of Acme Corporation provide for the issuance of 100,000 shares without part value and an issued price per share of P10.00. at the time of incorporation, the subscription and paid up capital should not be less than: a. P250,000 and P62,500 respectively b. P1M and P250K, respectively C. P250K and P250K respectively d. P250K and P125K respectively _5. Their names are mentioned in the articles of incorporation as originally forming the corporation and are signatories thereof. a. corporators b. stockholders c. incorporators d. members _6. a corporation acquires juridical personality. a. upon the filing f the articles of incorporation b. upon the filing of the by-laws c. upon the issuance of the certificate of incorporation d. within 30 days from the receipt of the notice of the issuance of the certificate of incorporation 7. a delinquent stockholder is not entitled to the following rights, except, a. to be voted. b. To vote or be represented in the meetings of stockholders c. To dividends d. He is not entitled to all the rights of a stockholder _8. Under this theory, the nationality of a corporation is that of the country under whose laws it was formed. a. control test b. incorporation test c. domiciliary test d. grandfather rule 9. a corporation created in strict compliance with all the legal requirements and whose right to exist as a corporation cannot be successfully attacked in a direct proceeding for that purpose by the State is a a. de jure corporation b. de factor corporation corporation by estoppel d. corporation by prescription C.
Transcribed Image Text:1. The articles of incorporation differ from the by-laws in that the articles of incorporation are: a. the rules of action adopted by a corporation for its internal government. b. Adopted before or after incorporation A condition precedent in the acquisition by a corporation of a juridical personality с. d. Approved by the stockholders if adopted after incorporation. 2. the following may be the consideration of the shares of stocks of a corporation, except. a. actual cash paid to the corporation b. previously incurred indebtedness of the corporation c. amounts transferred from unrestricted retained earnings d. service to be performed by a lawyer on the proposed increase in capital stock of the corporation _3. A certificate of stock is distinguished from share of stock in that a share of stock: a. is the written evidence of a stockholder's interest in the assets and management of the corporation. b. Is tangible personal property c. Is one of the units into which the capital stock is divided. d. May not be issued if the subscription has not been fully paid. 4. The articles of incorporation of Acme Corporation provide for the issuance of 100,000 shares without part value and an issued price per share of P10.00. at the time of incorporation, the subscription and paid up capital should not be less than: a. P250,000 and P62,500 respectively b. P1M and P250K, respectively C. P250K and P250K respectively d. P250K and P125K respectively _5. Their names are mentioned in the articles of incorporation as originally forming the corporation and are signatories thereof. a. corporators b. stockholders c. incorporators d. members _6. a corporation acquires juridical personality. a. upon the filing f the articles of incorporation b. upon the filing of the by-laws c. upon the issuance of the certificate of incorporation d. within 30 days from the receipt of the notice of the issuance of the certificate of incorporation 7. a delinquent stockholder is not entitled to the following rights, except, a. to be voted. b. To vote or be represented in the meetings of stockholders c. To dividends d. He is not entitled to all the rights of a stockholder _8. Under this theory, the nationality of a corporation is that of the country under whose laws it was formed. a. control test b. incorporation test c. domiciliary test d. grandfather rule 9. a corporation created in strict compliance with all the legal requirements and whose right to exist as a corporation cannot be successfully attacked in a direct proceeding for that purpose by the State is a a. de jure corporation b. de factor corporation corporation by estoppel d. corporation by prescription C.
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