A Director's Responsibilities to a Corporation Do Not Include Which

question 55

Multiple Choice

A director's responsibilities to a corporation do not include which of the following?

• A) Declaring dividends
• B) Choosing the corporation's name
• C) Appointing officers
• D) Making significant policy decisions
• E) None of these choices is correct.

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Definitions:

FIFO Inventory Reporting

An approach to reporting inventory where the oldest stock is recorded as sold first; reiterates the First-In, First-Out method in financial statements.

Consistent Application

The principle that accounting rules and methods should be applied the same way in each accounting period to ensure comparability of financial statements.

All-Inclusive Concept

A pricing strategy or business model where a single price includes all related services and products.

Retained Earnings

The portion of net income that is retained by a company rather than distributed to its shareholders as dividends.