7. The ultimate control of the corporation rests with the board of directors.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:7. The ultimate control of the corporation rests with the board
of directors.
8. Shareholders can transact business on behalf of the
corporation.
9. All incorporators are shareholders but not all shareholders
are incorporators.
10. In a corporation, minority shareholders are compliant to
the wishes of the majority.
Transcribed Image Text:Direction: Write T if the statement is correct and F if the
statement is incorrect. On the space provided, explain using
the concepts discussed why your answer to a statement is T or
F.
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