The Revised Model Business Corporation Act Mandates That All Corporations

question 73

True/False

The Revised Model Business Corporation Act mandates that all corporations (other than
single-member corporations)maintain a board of directors with at least three members who are independent of the officers and shareholders.

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Definitions:

Adjusting Entry

An accounting record entry made at the conclusion of an accounting period to assign income and expenses to the period they genuinely happened.

Revenue Account

An account that tracks the income earned from normal business operations, including sales of goods or services.

Income Statement

A financial document that shows a company's revenues, expenses, and net profit or loss over a specific period of time.

Balance Sheet

An official record presenting the total assets, liabilities, and net worth of shareholders of a firm at a fixed point in time.