A(n)________ Is Created When People Hold Themselves Out as Representing

question 76

Multiple Choice

A(n) ________ is created when people hold themselves out as representing a corporation and a court will prevent them from denying that a corporation exists.

• A)de facto corporation
• B)de jure corporation
• C)corporation by estoppel
• D)equitable corporation

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Definitions:

Income Statement

A financial report that provides a summary of a company's revenues, expenses, and profits/losses over a specific period of time.

Statement of Comprehensive Income

A financial report that includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.

Statement of Cash Flows

A financial statement that shows how changes in balance sheet accounts and income affect cash and cash equivalents, dividing activities into operating, investing, and financing.

Retained Earnings Statement

A summary of the changes in the retained earnings in a corporation for a specific period of time, such as a month or a year.