Generally, a Corporation Is Owned by Its

question 18

Multiple Choice

Generally, a corporation is owned by its

• A)managers.
• B)board of directors and shareholders.
• C)shareholders.
• D)managers, board of directors, and shareholders.

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Definitions:

Internal Control System

Procedures and policies set by an enterprise to preserve the correctness of its financial and bookkeeping details, advance accountability, and obstruct malicious acts.

Financial Records

Documented information of a business's operations, including income, expenses, assets, and liabilities, used to track financial performance.

Bank Statement

A document or report issued by a bank summarizing transactions in an account holder's account over a specific period.

Deposits

Funds placed into a bank account or towards the purchase of an asset, representing a liability for the bank or a commitment by the buyer.