1. Under the RMBCA, corporate existence begins when the articles of incorporation are filed with the secretary of state. (True or False)

2. Restrictions on sales of stock are always valid. (True or False)

3. Preferred stock is ordinarily nonvoting stock. (True or False)

4. If Tom Jones signs an agreement to purchase Jane Brown's shares in ABC Corp., the stock sales contract is called an indenture. (True or False)

5. Following GAAP and GAAS is persuasive but nor conclusive evidence of meeting standards for the accounting profession. (True or False)