Quiz No.

7
NAME: ___________________________________ SCORE: ____________
ACCTG 2a (5:30 PM to 6:30 PM) February 13, 2017

1: It is an artificial being created by operation of law, having the right of succession and the powers, attributes and properties
expressly authorized by law or incident to its existence.
2 – 6: Characteristics of a Corporation
7 -17: Classification of Corporation
7. One which is organized for religious purposes.
8. One that is formed for some private purpose, benefit.
9. One that is organized under the Philippine Laws.
10. One that is formed or organized to govern a portion of the state.
11. A private corporation organized for profit.
12. One that is organized under any law other than the Philippines.
13. One in which any person is welcomed to become a shareholder.
14. One which is organized for a purpose other than religious purposes.
15. A private corporation which is given a franchise to perform public duties but is organized for profits.
16. A private corporation organized for “not for profit”.
17. One in which ownership is limited to selected persons or members of the family.
18-24: Components of a Corporation
25-27: Basic stages that usually constitutes formation of a corporation
28: It refers to the “rules and regulations adopted by the corporation administering its internal government”.
29 -30: Corporate Records
31: Right of a shareholder to be given priority to acquire additional shares.
32: Expenditures incurred while in the process of organizing a corporation.
33: Portion of the paid-in capital arising from issuance of share capital which must remain untouched and unimpaired in
protection to corporate creditors and cannot be returned to shareholders in any form during the lifetime of the corporation, except
when a liquidation happens and only after the debts have been paid.
34: Legal principle that prohibits a private corporation to distribute its legal capital to the shareholders.
35-40: Components of Shareholder’s Equity

Write your answer below.

1 21
2 22
3 23
4 24
5 25
6 26
7 27
8 28
9 29
10 30
11 31
12 32
13 33
14 34
15 35
16 36
17 37
18 38
19 39
20 40