Exam 11: Corporations: Organization, Share Transactions, Dividends,and Retained Earnings

Sun Inc.has 5,000 shares of 5%, ¥1,000 par value, cumulative preference shares and 50,000 ordinary shares with a ¥10 par value outstanding at December 31, 2010.What is the annual dividend on the preference shares?

(Multiple Choice)

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Question 121

Which of the following is not a significant date with respect to dividends?

(Multiple Choice)

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Question 122

Treasury shares are generally accounted for by the

(Multiple Choice)

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Question 123

A corporation acts under its own name rather than in the name of its shareholders.

(True/False)

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Question 124

The acquisition of treasury shares by a corporation

(Multiple Choice)

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Question 125

Dividends in arrears on cumulative preference shares

(Multiple Choice)

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Question 126

Share Premium-Ordinary

(Multiple Choice)

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Question 127

The fair value of a corporation's shares is determined by the number of shares that the corporation has been authorized to issue.

(True/False)

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Question 128

A corporation purchases 30,000 shares of its own $20 par ordinary shares for $35 per share, recording it at cost.What will be the effect on total equity?

(Multiple Choice)

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Question 129

When treasury shares are purchased, the cost is debited to Share Capital - Ordinary.

(True/False)

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Question 130

Return on ordinary shareholders' equity is computed by dividing net income by ending ordinary shareholders' equity.

(True/False)

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Question 131

The chief accounting officer in a company is known as the

(Multiple Choice)

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Question 132

If an investment banking firm underwrites a share issue, the

(Multiple Choice)

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Question 133

The following data is available for BOX Corporation at December 31,2011 : Based on the data, how many ordinary shares have been issued?

(Multiple Choice)

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Question 134

If shares are issued for a non-cash asset, the asset should be recorded on the books of the corporation at

(Multiple Choice)

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Question 135

Dividends in arrears on cumulative preference shares are considered a liability.

(True/False)

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Question 136

Peebles Company purchased 1,000 shares of its own £5 par value ordinary shares, paying £14 per share.The shares were originally sold for £9 each.The journal entry to record the purchase of treasury shares includes a debit to

(Multiple Choice)

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Question 137

Colson Inc.declared a $160,000 cash dividend.It currently has 6,000 shares of 7%, $100 par value cumulative preference share outstanding.It is one year in arrears on its preference stock.How much cash will Colson distribute to the ordinary shareholders?

(Multiple Choice)

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Question 138

Limited liability of shareholders means that

(Multiple Choice)

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Question 139

If preference shares are cumulative, the

(Multiple Choice)

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Question 140

Showing 121 - 140 of 205

Sun Inc.has 5,000 shares of 5%, ¥1,000 par value, cumulative preference shares and 50,000 ordinary shares with a ¥10 par value outstanding at December 31, 2010.What is the annual dividend on the preference shares?

Which of the following is not a significant date with respect to dividends?

Treasury shares are generally accounted for by the

A corporation acts under its own name rather than in the name of its shareholders.

The acquisition of treasury shares by a corporation

Dividends in arrears on cumulative preference shares

Share Premium-Ordinary

The fair value of a corporation's shares is determined by the number of shares that the corporation has been authorized to issue.

A corporation purchases 30,000 shares of its own $20 par ordinary shares for $35 per share, recording it at cost.What will be the effect on total equity?

When treasury shares are purchased, the cost is debited to Share Capital - Ordinary.

Return on ordinary shareholders' equity is computed by dividing net income by ending ordinary shareholders' equity.

The chief accounting officer in a company is known as the

If an investment banking firm underwrites a share issue, the

The following data is available for BOX Corporation at December 31,2011 : Based on the data, how many ordinary shares have been issued?

If shares are issued for a non-cash asset, the asset should be recorded on the books of the corporation at

Dividends in arrears on cumulative preference shares are considered a liability.

Peebles Company purchased 1,000 shares of its own £5 par value ordinary shares, paying £14 per share.The shares were originally sold for £9 each.The journal entry to record the purchase of treasury shares includes a debit to

Colson Inc.declared a $160,000 cash dividend.It currently has 6,000 shares of 7%, $100 par value cumulative preference share outstanding.It is one year in arrears on its preference stock.How much cash will Colson distribute to the ordinary shareholders?

Limited liability of shareholders means that

If preference shares are cumulative, the

Accounting in Action

The Recording Process

Adjusting the Accounts

Completing the Accounting Cycle

Accounting for Merchandising Operations

Inventories

Fraud, Internal Control, and Cash

Accounting for Receivables

Plant Assets, Natural Resources, and Intangible Assets

Liabilities

Investments

Statement of Cash Flows

Financial Statement Analysis

Payroll Accounting

Other Significant Liabilities

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