Generally,in Order to Adopt an Amendment to the Articles of Incorporation

question 121

Multiple Choice

Generally,in order to adopt an amendment to the articles of incorporation of an existing corporation,what must be done?

• A) The shareholders must vote in favor of the amendment.
• B) The promoters must file the amendment in the state of incorporation.
• C) The board of directors must adopt a resolution recommending the amendment, and the shareholders must vote to approve the amendment if the amendment will affect shareholder rights.
• D) The board of directors must adopt a resolution approving the amendment.
• E) The board of directors must vote on the amendment as provided in the bylaws.

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Definitions:

Overapplied Overhead

Occurs when the allocated manufacturing overhead cost is more than the actual overhead incurred during a period.

Work in Process Inventory

The value of the materials, labor, and overhead costs of products that are in the production process but have not yet been completed.

Underapplied Overhead

A situation where the allocated manufacturing overhead costs are less than the actual overhead costs incurred.

Cost of Goods Sold

The direct costs attributable to the production of the goods sold by a company, including materials and labor.