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started by anonymous on 16 Aug 14
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    #1 anonymous on 16 Aug 14
     
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    ACC 291 Week 3 Individual Assignment WileyPlus Practice Chapter 11 and 12

    Question 1

    Which of the following is not an advantage of a corporation?
    Government regulations.
    Separate legal existence.
    Transferable ownership rights.
    Continuous life.

    Question 2

    Which of the following is a disadvantage of a corporation
    limited liability of stockholders.
    additional taxes.
    transferable ownership rights.
    None of the above.

    Question 3

    Which of the following statements is false?
    The stockholders' equity section begins with paid-in capital.
    The authorization of capital stock does not result in a formal accounting entry.
    Ownership of common stock gives the owner a voting right.
    The par value of a share of stock is equal to its market value.

    Question 4

    ABC Corporation issues 1,000 shares of $10 par value common stock at $12 per share. In recording the transaction, credits are made to:
    Common Stock $10,000 and Paid-in Capital in Excess of Par Value $2,000.
    Common Stock $10,000 and Retained Earnings $2,000.
    Common Stock $10,000 and Paid-in Capital in Excess of Stated Value $2,000.
    Common Stock $12,000.

    Question 5

    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 sale should include credits to:
    Treasury Stock $500 and Paid-in Capital from Treasury Stock $800.
    Treasury Stock $1,000 and Retained Earnings $300.
    Treasury Stock $500 and Paid-in Capital in Excess of Par Value $800.
    Treasury Stock $1,000 and Paid-in Capital from Treasury Stock $300.

    Question 6

    In the stockholders' equity section, the cost of treasury stock is deducted from:
    total paid-in capital and retained earnings.
    retained earnings.
    common stock in paid-in capital.
    total stockholders' equity.

    Question 7

    Preferred stock may have priority over common stock except in:
    dividends.
    assets in the event of liquidation.
    cumulative dividend features.
    voting.

    Question 8

    M-Bot Corporation has 10,000 shares of 8%, $100 par value, cumulative preferred stock outstanding at December 31, 2011. No dividends were declared in 2009 or 2010. If M-Bot wants to pay $375,000 of dividends in 2011, common stockholders will receive:
    $0.
    $295,000.
    $215,000.
    $135,000.

    Question 9

    Entries for cash dividends are required on the:
    declaration date and the payment date.
    record date and the payment date.
    declaration date, record date, and payment date.
    declaration date and the record date.

    Question 10

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

    A small stock dividend decreases Stock Dividends Distributable.

    A debit to Stock Dividends for the par value of the shares issued should be made.

    A small stock dividend decreases total stockholders' equity.

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

    Question 11

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

    net income and net loss.

    some disposals of treasury stock below cost.

    cash and stock dividends.

    sales of treasury stock above cost.

    Question 12

    A prior period adjustment is:

    reported in the income statement as a nontypical item.

    reported directly in the stockholders' equity section.

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

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

    Question 13

    In the stockholders' equity section of the balance sheet, common stock:

    is part of paid-in capital.

    is added to total capital stock.

    is part of additional paid-in capital.

    is listed before preferred stock.

    Question 14

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

    Paid-in capital in excess of par value.

    Paid-in capital in excess of stated value.

    Paid-in capital from treasury stock.

    Common stock.

    Question 15

    Katie Inc. reported net income of $186,000 during 2011 and paid dividends of $26,000 on commonstock. It also has 10,000 shares of 6%, $100 par value, noncumulative preferred stock outstanding. Common stockholders' equity was $1,200,000 on January 1, 2011, and $1,600,000 on December 31, 2011. The company's return on common stockholders' equity for 2011 is:

    10.0%.

    7.1%.

    13.3%.

    9.0%.

    Question 16

    When a stockholders' equity statement is presented, it is not necessary to prepare a(an):

    retained earnings statement.

    balance sheet.

    income statement.

    None of the above.

    Question 17

    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:

    Total stockholders' equity divided by the number of shares of common stock issued.

    Total stockholders' equity divided by the number of shares of common stock outstanding.

    Total paid-in capital and retained earnings divided by the number of shares of common stock issued.

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

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