The Memoranda of Association

question 7

Multiple Choice

The memoranda of association:

• A)establish the name of the corporation.
• B)are rules which apply only to limited liability companies.
• C)set forth the purpose of the firm.
• D)mandate the procedure for electing corporate directors.
• E)set forth the procedure by which the shareholders elect the senior managers of the firm.

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Definitions:

Unadjusted Trial Balance

A preliminary list of all accounts and their balances used in financial reporting before adjustments are made for accruals and deferrals.

Adjusted

Modified or changed for a more accurate or fair representation.

Final Trial Balances

The summary of all ledger accounts after adjusting entries are made, used to prepare financial statements at the end of an accounting period.

Accounting Cycle

The series of steps in processing financial transactions, from the initial recording to the preparation of financial statements.