Corporations Receive Powers from Which of the Following Sources

question 59

Multiple Choice

Corporations receive powers from which of the following sources?

• A) state constitutions
• B) the articles of incorporation
• C) bylaws
• D) B and C only
• E) A,B,and C

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Definitions:

Carrying Values

The book value of assets and liabilities as reported on the balance sheet, considering depreciation, amortization, and impairment costs.

Systematic Basis

A methodological approach of allocating costs or revenues over a specified period of time in a consistent and logical manner.

Voting Stock

Securities that give the shareholder the right to vote on company matters, such as electing the board of directors and approving corporate policies.

Contingent Payment

A payment that depends on achieving certain conditions or outcomes in the future.