Accounting

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
Question: Entries for cash dividends are required on the:
A
declaration date and the payment date.

B
record date and the payment date.

C
declaration date, record date and payment date.

D
declaration date and the record date.

Note: Not available
1. Report
Question: Which of the following statements about small stock dividends is true?
A
A debit to Retained Earning for the par value of the shares issued should be made.

B
A small stock dividend decrease total stockholders equity.

C
Market value per share should be assigned to the dividend shares.

D
A small stock dividend ordinarily will have no effect on book value per share of stock.

Note: Not available
1. Report
Question: All but one of the following is reported in a retained earning statement. The exception is:
A
cash and stock dividends.

B
net income and net loss.

C
some disposals of treasury stock below cost.

D
sales of treasury stock above cost.

Note: Not available
1. Report
Question: A prior period adjustment is:
A
reported in the income statement as a nontropical item.

B
a correction of an error that is made directly to retained earnings.

C
reported directly in the stockholders equity section.

D
reported in the retained earnings statement as an adjustment of the ending balance of retained earnings.

Note: Not available
1. Report
Question: In the stockholders equity section. Common Stock Dividends Distributable is reported as a (a):
A
deduction from total paid-in capital and retained earning.

B
addition to additional paid-in capital.

C
deduction from retained earnings.

D
additional to capital stock.

Note: Not available
1. Report

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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:

Question: Entries for cash dividends are required on the:

Question: Which of the following statements about small stock dividends is true?

Question: All but one of the following is reported in a retained earning statement. The exception is:

Question: A prior period adjustment is:

Question: In the stockholders equity section. Common Stock Dividends Distributable is reported as a (a):