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Study 1

Practice test for Quiz #4

QuestionAnswer
Which of the following represents the shares sold in either an initial public offering or subsequent seasoned new issuance? Issued Shares Authorized Shares Outstanding Shares Unissued Shares
Which of the following statements about treasury stock transactions is correct? A contra equity account is debited when treasury stock is purchased. The total number of shares issued increases when treasury stock is purchased. The total number of shares authorized changes when treasury stock is purchased. Gains and losses on treasury stock transactions are reported on the income statement.
If Corrella Corporation sells and issues 100 shares of its $10 par value common stock at $11 per share, the entry to record the sale will NOT include a... Credit to retained earnings of $100. Debit to cash of $1,100. Credit to additional paid-in capital of $100. Credit to common stock of $1,000
The Effect of a stock split is to... There is no effect to retained earnings. reduces the amount of retained earnings and increases the total contributed capital reduces the amount of retained earnings and reduces the amount of total assets reduces the amount of retained earnings and increases the balance in a liability account
Which of the following is a requirement that must be fulfilled in order to declare and pay a cash dividend? Sufficient Cash AND sufficient retained earnings Sufficient Cash only Sufficient retained earnings only No dividends in arrears
Types of Stock in corporations Common Stock Preferred Stock Market Value Stock Less Hold Stock
Advantages of a corporation Becoming an owner is easy Ownership transfer is easy Limited Liability All advantages listed
Types of Stock in corporations Common Stock Preferred Stock Market Value Stock Less Hold Stock
Advantages of a corporation Becoming an owner is easy Ownership transfer is easy Limited Liability All advantages listed
Is a corporation a separate legal entity Yes No Sometimes Never
Can a corporation own an asset? Yes No Sometimes Never
Can a corporation incur Liabilities? Yes No Sometimes Never
Can a corporation enter into contracts Yes No Sometimes Never
Can a corporation sue or be sued? Yes No Sometimes Never
Can a stock holder vote by proxy? Yes No Sometimes Never
who gets the money for dividends first? Common Stock Holders Treasury Stock Holders Common Stock Holders No one. It goes into retained earnings
Who Appoints the President of a company Board of Directors Chairman of the Board Survey of Vice Presidents The president is self appointed.
How are the Board of Directors Chosen? Stockholders Board of Directors chairman of the board President
How is the maximum of stock determined. In the companies charter. By a vote of the board of Directors By the Chairman of the Board President
Created by: dimbooti
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