Under the Revised Act, the Filing of the Articles of Incorporation

question 29

True/False

Under the Revised Act, the filing of the articles of incorporation by the secretary of state is conclusive proof that the incorporators have satisfied all conditions precedent to incorporation so that a shareholder or creditor would be unable to challenge the existence of the corporation.

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Definitions:

Work in Process Inventory

Goods partially completed in production but not yet ready for sale.

Cost

The amount of money or resources expended to acquire an asset, achieve an objective, or operate a service.

LIFO Inventory Method

An inventory costing method where the last items purchased or produced are considered the first items sold; stands for Last-In, First-Out.

Oldest Inventory Purchase Costs

Refers to the costs associated with the earliest batch of products bought by a business, crucial for inventory valuation methods like FIFO (First-In, First-Out).