MCQs for chap 11
accountguruWhen stock is issued for legal services, the transaction is recorded by debiting Organization Expense for the
[removed] | book value of the stock. |
[removed] | stated value of the stock. |
[removed] | par value of the stock. |
[removed] | market value of the stock. |
A company would not acquire treasury stock
[removed] | in order to increase trading of the company's stock. |
[removed] | in order to reissue shares to officers. |
[removed] | to have additional shares available to use in acquisitions of other companies. |
[removed] | as an asset investment. |
A corporate board of directors does not generally
[removed] | declare dividends. |
[removed] | select officers. |
[removed] | formulate operating policies. |
[removed] | execute policy. |
Treasury Stock is a(n)
[removed] | retained earnings account. |
[removed] | contra asset account. |
[removed] | contra stockholders’ equity account. |
[removed] | asset account. |
Which one of the following events would not require a formal journal entry on a corporation's books?
[removed] | $1 per share cash dividend |
[removed] | 2 for 1 stock split |
[removed] | 100% stock dividend |
[removed] | 2% stock dividend |
The board of directors must assign a per share value to a stock dividend declared that is
[removed] | less than the par or stated value. |
[removed] | at least equal to the par or stated value. |
[removed] | equal to the par or stated value. |
[removed] | greater than the par or stated value. |
Which of the following is an incorrect statement about a corporation?
[removed] | A corporation is subject to numerous state and federal regulations. |
[removed] | A corporation is an entity separate and distinct from its owners. |
[removed] | Creditors ordinarily have recourse only to corporate assets in satisfaction of their claims. |
[removed] | A corporation may be formed in writing, orally, or implied. |
11 years ago
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