Corporations Accounting, Accounting

Corporations Accounting

Question: Which of the following is not a major advantage of a corporation?
A
Separate legal existence.

B
Continuous life.

C
Government regulations.

D
Transferable ownership rights.

Note: Not available
1. Report
Question: A major disadvantage of a corporation is:
A
limited liability of stockholders.

B
transferable ownership rights.

C
additional taxes.

D
None

Note: Not available
1. Report
Question: Which of the following statements is false?
A
Ownership of common stock gives the owner a voting right.

B
The stockholders equity section begins with paid-in capital.

C
The authorization of capital does not result in a formal accounting entry.

D
Legal capital per share applies to par value stock but not to no-par value stock.

Note: Not available
1. Report
Question: The accounting Retained Earnings is:
A
a subdivision of paid-in capital.

B
net income retained in the corporation.

C
reported as an expense in the income statement.

D
closed to capital stock.

Note: Not available
1. Report
Question: ABC Corporation issues 1,000 shares of $10 par value common stock at $12 per share. In recording the transaction, credit are made to:
A
Common Stock $10,000 and Paid-in Capital in Excess of State Value $2000.

B
Common Stock $2000.

C
Common Stock $10,000 and Retained Earning $2000.

D
Common Stock $10,000 and Paid-in Capital in Excess of Par Value $2,000

Note: Not available
1. Report
Question: XYZ, Inc sells 100 shares of $5 par value treasury stock at $13 per share. If the cost of acquiring the shares was $10 per share, the entry for the sales should include credits to:
A
Treasury Stock $1000 and Paid-in Capital from Treasury Stock $300.

B
Treasury Stock $500 and Paid-in Capital from Treasury Stock $800.

C
Treasury Stock $1000 and Retained Earning $300.

D
Treasury Stock $500 and Paid-in Capital in Excess of Par Value $800.

Note: Not available
1. Report
Question: In stockholders equity section, the cost of treasury stock is deducted from:
A
total paid-in capital and retained earning.

B
retained earnings.

C
total stockholders equity.

D
common stock in paid-in capital.

Note: Not available
1. Report
Question: Preferred stock may have priority over common stock except in:
A
dividends.

B
assets in the event of liquidation.

C
conversion.

D
voting.

Note: Not available
1. Report
Question: Which of the following in not reported under additional paid-in capital?
A
Paid-in capital in excess of par value.

B
Common stock.

C
Paid-in capital in excess of stated value.

D
Paid-in capital from treasury stock.

Note: Not available
1. Report
Question: The ledger of JFK, Inc. Shows common stock, common treasury stock, and no preferred stock. For this company, the formula for computing book value per share is:
A
total paid-in capital and retained earning divided by the number of shares of common stock issued.

B
common stock divided by the number of shares of common stock issued.

C
total stockholders equity divided by the number of shares of common stock outstanding.

D
total stockholders equity divided by the number of shares of common stock issued.

Note: Not available
1. Report

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Question: Which of the following is not a major advantage of a corporation?

Question: A major disadvantage of a corporation is:

Question: Which of the following statements is false?

Question: The accounting Retained Earnings is:

Question: ABC Corporation issues 1,000 shares of $10 par value common stock at $12 per share. In recording the transaction, credit are made to:

Question: XYZ, Inc sells 100 shares of $5 par value treasury stock at $13 per share. If the cost of acquiring the shares was $10 per share, the entry for the sales should include credits to:

Question: In stockholders equity section, the cost of treasury stock is deducted from:

Question: Preferred stock may have priority over common stock except in:

Question: Which of the following in not reported under additional paid-in capital?

Question: The ledger of JFK, Inc. Shows common stock, common treasury stock, and no preferred stock. For this company, the formula for computing book value per share is: