Acc 291 Week 3 Individual Assignment Wileyplus Practice Chapter 11 and 12

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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...