Reference no: EM132804021

Problem 1: Which of the following statements IS NOT correct?

a. The corporate treasurer may or may not be a director but is required to be a resident of the Philippines.

b. The corporate secretary must be a resident and a citizen of the Philippines.

c. The president of a corporation must be a director of the corporation but he cannot act as president and secretary or as president and treasurer at the same time.

d. The shareholders elect the chairman of the board.

Problem 2: On January 1, 2019, ABC Corporation had 100,000 ordinary shares outstanding. On March 31, 2019, 10% ordinary share dividend was declared. On June 30, 2019, a 2-for-1 share split was declared. On December 5, 2019, a P0.50 cash dividend per share was declared. How many shares are outstanding on December 31, 2019?

a. 210,000

b. 220,000

c. 330,000

d. 110,000