ECQ Take-home Assignment 1

Acctg: Accounting for Partnership and Corporation

1. Define corporation.
2. What are the attributes of a corporation?
3. Enumerate the advantages and disadvantages of corporation over partnership.
4. Describe the classes of corporation as enumerated under Section 3 of the Corporation Code of
the Philippines.
5. Outline the steps in the creation of a corporation.
6. What is an articles of incorporation? State seven important provisions included in this
instrument.
7. What are some of the rights of a shareholder?
8. What is the purpose of having independent directors in the board?
9. Distinguish par value stock from no-par value stock.
10. What is the amount of share capital to be subscribed and paid for purposes of incorporation?
Illustrate.