Which of the following is an INCORRECT statement regarding common stock? A. The RMBCA encourages the concept of par value. B. Common stock has no preferences. C. Common stock is an equity security that represents the residual value of a corporation. D. Common stockholders have the right to elect corporate directors. E. Common stock does not have a fixed maturity date. Which of the following is an INCORRECT statement regarding preferred stock? A. Preferred stock can be issued in classes or series. B. Preferred stockholders generally do not have the right to vote for the election of directors. C. Preferred stock is an equity security that represents the residual value of a corporation. D Preferred stockholders have limited liability. E. Preferences of preferred stock must be set forth in the articles of incorporation. Which of the following is NOT a requirement for a corporation to quality as an S corporation? A. Shareholders must be individuals estates or certain t