Penelope Is a Shareholder in SMPB Corporation and Is Unable

question 11

Multiple Choice

Penelope is a shareholder in SMPB Corporation and is unable to attend the annual corporate board meeting. She authorizes Johnathan to be her ________ to vote on her behalf.

• A) shareholder in wait
• B) signatory
• C) proxy
• D) substitute
• E) shareholder replacement

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Definitions:

Overpayment Error

An overpayment error occurs when more money is paid than is actually owed, requiring adjustment or refund.

Wages Expense

This is the total amount of wages paid by a company to its employees for a specific period of time.

Cash

Liquid currency and equivalents that a company can use immediately for transactions.

Wages Payable

A liability account that represents the amount of wages owed to employees for work that has been performed but not yet paid.