7. The ultimate control of the corporation rests with the boardof directors.8. Shareholders can transact business on behalf of thecorporation.9. All incorporators are shareholders but not all shareholdersare incorporators.10. In a corporation, minority shareholders are compliant tothe wishes of the majority. Direction: Write T if the statement is correct and F if thestatement is incorrect. On the space provided, explain usingthe concepts discussed why your answer to a statement is T orF.

Introduction:- Board of directors:- Board of directors play vital role in every organization for…

Answered: 7. The ultimate control of the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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5.Who has power to decide the external auditor's remuneration?Single choice. Shareholders can Directors on the wish of shareholders Audit committee may have power All of above
29. __________________helps, to ensure that corporations take into account the interests of a wide range of constituencies, as well as of the communities within which they operate, and that their boards are accountable to the company and the shareholders. a. All of the given options b. Corporate Structure c. Corporate System d. Corporate Governance
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7. The ultimate control of the corporation rests with the board of directors.