ACC 291 Week 3 Chapter 11 Practice - Quiz 1 | Documents and Forms | Research Papers

ACC 291 Week 3 Chapter 11 Practice - Quiz 1

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ACC 291 Week 3 Chapter 11 Practice - Quiz 1

Question 1


Which of the following is not an advantage of a corporation?

Question 2


Which of the following is a disadvantage of a corporation

Question 3


Which of the following statements is false?

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:
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:

Question 6


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

Question 7


Preferred stock may have priority over common stock except in:

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:

Question 9


Entries for cash dividends are required on the:

Question 10


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

Question 11


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

Question 12


A prior period adjustment is:

Question 13


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

Question 14


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

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:

Question 16


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

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:

A+ Grade Answers ACC 291 Week 3 Chapter 11 Practice - Quiz 1 Question 1 Which of the following is not an advantage of a corporation? Question 2 Which of the following is a disadvantage of a corporation Question 3 Which of the following st
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