QUESTION ONE (a) Define the term corporation and briefly discuss the major characteristics of a corporation (b) Write few notes on the following headings Authorised shares (ii) Called-up capital. (iii) Issued capital (iv) Paid-up capital. (v) Par Value (c) Explain the meaning of treasury stock (d) Outline the characteristics of preference shares QUESTION TWO (1) Distinguish the difference between the following concepts in relation to company accounting (a) Bonus issue and Rights issues (b) Loan stock or Bonds (c) Preference shares and Ordinary shares (d) Redeemable and Irredeemable (e) Reserves and Provisions (f) Unlimited and limited liability (g) Share capital and Share premium (II) Briefly explain the advantages and disadvantages of Bonus and rights issue QUESTION THREE (a) The issued share capital of Alpha, a limited liability company, is as follows