An Amendment to the Articles of Incorporation Can Create a New

question 20

True/False

An amendment to the articles of incorporation can create a new position on the board of directors.

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Definitions:

Contra-Asset

An account that offsets an associated asset account on a company's balance sheet, like an allowance for doubtful accounts reducing accounts receivable.

Original Cost

The initial price paid to acquire an asset or service, not accounting for depreciation or adjustments.

Book Value

The residual amount that represents a company's assets minus its liabilities.

Accumulated Depreciation

The aggregate depreciation recorded on a fixed asset since its commencement of use.