Which of the following statements is incorrect? New term for the corporation in the revised corporation code will now be considered perpetualThe holders of ordinary and preference shares elect the corporation's board of directorsThe corporation cannot issue shares more than its authorized number of sharesThe trust fund doctrine provides that subscriptions to the capital stock of a corporation constitute a fund to which creditors have a right to look for the satisfaction of their claims

The preference shareholders have no rights and privileges as enjoyed by the equity share holder....…

Answered: Which of the following statements is…

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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Which of the following statements is incorrect?

New term for the corporation in the revised corporation code will now be considered perpetual

The holders of ordinary and preference shares elect the corporation's board of directors

The corporation cannot issue shares more than its authorized number of shares

The trust fund doctrine provides that subscriptions to the capital stock of a corporation constitute a fund to which creditors have a right to look for the satisfaction of their claims

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