Once a Corporation Is Recognized as Existing by the State,the

question 77

True/False

Once a corporation is recognized as existing by the state,the corporation automatically becomes liable for all contracts which a promoter had entered into on behalf of the corporation.

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Definitions:

Weighted Average Method

An inventory costing method that calculates the cost of goods sold and ending inventory based on the average cost of all items available for sale.

By-products

By-products are secondary products derived from the manufacturing process or chemical reaction, which may have less value than the primary product but can still be profitable.

Joint Costs

are costs incurred in the production process that benefit multiple, often separable, products or project components.

Joint Costs

Costs incurred when producing multiple products in the same process, where the costs cannot be separated easily for each product.