To Prevent Errors in Business Judgment,when Directors Transact Business and Vote

question 68

True/False

To prevent errors in business judgment,when directors transact business and vote on issues affecting the corporation,ordinary matters generally require a greater-than-majority vote.

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Definitions:

Current Rate Method

A method of foreign currency translation where assets and liabilities are converted at the current exchange rate.

U.S. GAAP

Stands for United States Generally Accepted Accounting Principles, which are the accounting standards used by companies in the United States to prepare their financial statements.

Functional Currency

The currency of the primary economic environment in which an entity operates and generates cash flows.

Pound Sterling

The official currency of the United Kingdom, which is one of the world's oldest continuously used currencies.