____________________ Is the Proportional Allocation of the Cost of Natural

question 96

Short Answer

____________________ is the proportional allocation of the cost of natural resources to the units used up or depleted per accounting period.

---

Definitions:

Board of Directors

A group of individuals elected to represent shareholders and make major decisions concerning the corporation, including company policy, and director oversight.

Preferred Shares

Preferred shares represent ownership in a company with preferential rights to dividends and assets upon liquidation, compared to common shares.

Doctrine of Ultra Vires

A principle stating that actions taken by a corporation that are beyond its legal power or authority are invalid.

Duty of Loyalty

An obligation to act in the best interest of another party, typically in fiduciary relationships.