The Minimum Number of Members of a Body of Officials

question 49

True/False

The minimum number of members of a body of officials that must be present before business can validly be transacted is known as a quorum.

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Definitions:

Asset Account

An accounting record that shows the amount of economic resources owned or controlled by an entity.

Liability Account

An account on the balance sheet representing obligations to pay money or deliver goods or services to another party in the future.

Tornado Damage

The destruction or damage caused to structures, lands, and properties as a result of a tornado, a rapidly rotating column of air in contact with both the surface of the Earth and a cumulonimbus cloud or, in rare cases, the base of a cumulus cloud.

Uninsured Plant

Property, machinery, or industrial facilities not covered by insurance against loss or damage.