Eager Beaver Corporation Fails to Hold a Meeting to Adopt

question 12

Multiple Choice

Eager Beaver Corporation fails to hold a meeting to adopt bylaws.Under this circumstance,Eager Beaver will still be treated as a legal corporation in those states that recognize the common law doctrine of

• A)corporation by estoppel.
• B)de facto corporation.
• C)de jure corporation.
• D)ultra vires.

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Definitions:

Work in Process

Goods that are in the production process but are not yet finished, representing partially completed products.

Finished Goods

Items that have finished the production process and are available for purchase.

Overhead Applied

The allocation of overhead costs to specific jobs or cost objects based on a predetermined overhead rate, helping in accurately costing products or services.

Work in Process

Inventory that includes the raw materials, labor, and overhead costs for products that are in the production process but not yet complete.