Cpa exam bec b1 Study guides, Class notes & Summaries

CPA Exam (BEC B1) Board of Directors - ANSWER-Safeguard co assets and maximize SH return. They have no individual authority and can only act as a group if theres a quorum (majority). Makes them duly constituted. BOD duties: -electing, removing, supervising officers -adopting, amending, and repealing bylaws -setting mgmt comp -initiating fundamental changes to the corp's structure BOD has sole auth to declare dists (divs) of cash/prop/shares. Liab hits books when div is declared. ...