GC Corporation Received a Notice from the Secretary of State

question 87

Multiple Choice

GC Corporation received a notice from the secretary of state that it was being involuntarily dissolved. Which of the following could be a reason for the involuntary dissolution?

• A) GS submitted its annual report forty-five days after its due date.
• B) GS fired its registered agent and did not have a registered agent for over thirty days.
• C) GS submitted its annual report thirty days after its due date.
• D) GS paid its taxes more than sixty days after the due date.
• E) GS failed to pay taxes within forty-five days after its due date.

Know the significance and calculation of earnings per share (EPS).

Recognize the importance of disclosure notes in financial statements.

Understand how specific transactions affect financial statements and ratios.

Recognize the treatment and classification of assets and expenses on financial statements.

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Definitions:

Fourth Branch of Government

Informally refers to groups that influence the three branches of government defined in the U.S. Constitution (executive, legislative, and judicial) such as the media, the people, or administrative agencies.

Formal Rule Making

A procedure in administrative law where agencies establish new regulations through a process that involves publication of proposed rules, public commenting, and final rule issuance.

Notice-and-Comment Rule Making

A procedure required by law in the United States for federal agencies to give the public notice of a proposed regulation and the opportunity to submit comments.

Interpretive Rules

Administrative rules, issued by governmental agencies, that clarify or explain existing laws and regulations without creating new obligations.