Which of the Following Is a Corporation That Has Not

question 58

Multiple Choice

Which of the following is a corporation that has not substantially met the requirements of the state incorporation statute, but courts recognize it as a corporation for most purposes to avoid unfairness to third parties who believed it was properly incorporated?

• A) A de jure corporation
• B) A de facto corporation
• C) A corporation by estoppel
• D) A corporation by reservation
• E) An inactive corporation

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Definitions:

Adjusting Journal Entries

Journal entries made at the end of an accounting period to account for incomes and expenses in the period they occur, ensuring that the financial statements are accurate.

Reconciliation Report

A document that compares two sets of records to ensure they are in agreement and accurate.

Bank Reconciliation

The process of comparing and adjusting a company's recorded balances to match the bank's figures, identifying any discrepancies.

Adjusting Journal Entries

Journal entries made at the end of an accounting period to allocate income and expenditures to the correct period.