The Bylaws of a Corporation

question 29

Multiple Choice

The bylaws of a corporation:

• A) usually set up procedures for the holding of shares.
• B) do not involve financial matters such as declaring and paying dividends.
• C) usually set out the duties and authority of the officers and the conduct of meetings.
• D) need not be consistent with state laws or the articles of incorporation.

---

Definitions:

Owner's Capital

The amount of equity in a company owned by its owner or shareholders, representing the net assets after liabilities have been deducted.

Electronic Repair Revenues

Income generated from services related to fixing and restoring electronic devices and equipment.

Expenses

Costs incurred in the process of earning revenue, typically categorized as fixed or variable costs.

Income Statement

A financial statement that shows a company's revenues and expenses over a specific period, leading to net income or loss.