The Revised Act States That "All Corporate Powers Shall Be

question 64

Multiple Choice

The Revised Act states that "all corporate powers shall be exercised by or under the authority of,and the business and affairs of the corporation managed under the direction of ":

• A) the shareholders of the corporation.
• B) the chief executive officer of the corporation.
• C) the officers of the corporation.
• D) the board of directors of the corporation.

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Definitions:

Direct Materials

Ingredients that are identifiable in the production process of a product and serve as fundamental elements of the end product.

Direct Labor-Hours

The overall hours dedicated by workers who are directly contributing to the production line.

Variable Overhead

Costs that vary with the level of production output, such as utilities for manufacturing equipment, which are not fixed.

Standard Cost

An estimated or pre-determined cost of manufacturing a product or performing a service, used for budgeting and performance evaluation.