ACC 557 Week 8 Chapter 11 Quiz (all possible questions)\t\u00a0\tThis Tutorial contains All possible Questions from this chapter (it contains more than 200 questions set)\t\u00a0\tSOME SAMPLE QUESTIONS ARE GIVEN BELOW OUT OF THOSE 200 QUESTIONS\t\u00a0\t1-\u00a0\tMultiple Choice Question 123\tRanier Company is authorized to issue 10,000 shares of 8%, $100 par value preferred stock and 500,000 shares of no-par common stock with a stated value of $1 per share. If Ranier issues 5,000 shares of preferred stock for land with an asking price of $600,000 and a market value of $540,000, which of the following would be the journal entry for Ranier to record?\tLand\u00a0 540,000\u00a0\tPreferred Stock\u00a0 540,000\tLand\u00a0 540,000\u00a0\tPreferred Stock\u00a0 500,000\tPaid-in Capital Excess of Par-Preferred\u00a0 40,000\tLand\u00a0 500,000\u00a0\tPreferred Stock\u00a0 500,000\tLand\u00a0 600,000\u00a0\tPreferred Stock\u00a0 500,000\tPaid-in Capital in Excess of Par-Preferred\u00a0 100,000\t2-\tMultiple Choice Question 181\tAim, Inc., has 10,000 shares of 5%, $100 par value, noncumulative preferred stock and 40,000 shares of $1 par value common stock outstanding at December 31, 2013. There were no dividends declared in 2012. The board of directors declares and pays a $120,000 dividend in 2013. What is the amount of dividends received by the common stockholders in 2013?\t$0\t$50,000\t$70,000\t$20,000\t3-\tMultiple Choice Question 201\tA net loss\toccurs if operating expenses exceed cost of goods sold.\tis closed to Retained Earnings even if it would result in a debit balance.\tis closed to the paid-in capital account of the stockholders’ equity section of the balance sheet.\tis not closed to Retained Earnings if it would result in a debit balance.\t4-\tMultiple Choice Question 98\tHsu, Inc. issued 7,500 shares of stock at a stated value of $8\/share. The total issue of stock sold for $15 per share. The journal entry to record this transaction would include a\tdebit to Cash for $60,000.\tcredit to Common Stock for $60,000.\tcredit to Common Stock for $112,500.\tcredit to Paid-in Capital in Excess of Par for $112,500.\t5- \u00a0 Multiple Choice Question 169\tThe per share amount normally assigned by the board of directors to a large stock dividend is\tthe average price paid by stockholders on outstanding shares.\tthe par or stated value of the stock.\tzero.\tthe market value of the stock on the date of declaration.\t6-\tIFRS Multiple Choice Question 345\tIFRS treats the purchase of treasury stock as any of the following except\ta decrease to retained earnings.\tan increase to a contra equity account.\ta decrease to share premium.\ta decrease to share capital.\t7-\tMultiple Choice Question 246\tAdditional paid-in capital includes all of the following except the amounts paid in\tfor the par value of common stock.\tover par value.\tover stated value.\tfrom treasury stock.\t8-\tMultiple Choice Question 54\tStockholders of a corporation directly elect\tthe treasurer of the corporation.\tall of the employees of the corporation.\tthe president of the corporation.\tthe board of directors.\t9- \u00a0 Multiple Choice Question 126\tWhich of the following is not a right or preference associated with preferred stock?\tPreference to corporate assets in case of liquidation\tThe right to vote\tTo receive dividends in arrears before common stockholders receive dividends\tFirst claim to dividends\t10-\u00a0\tMultiple Choice Question 197\tRestricting retained earnings for the cost of treasury stock purchased is a\tlegal restriction.\tstock restriction.\tvoluntary restriction.\tcontractual restriction.\t11-\tMultiple Choice Question 115\tA company would not acquire treasury stock\tin order to reissue shares to officers.\tas an asset investment.\tin order to increase trading of the company’s stock.\tto have additional shares available to use in acquisitions of other companies.\t12-\tMultiple Choice Question 121\tBrown Company has 1,000 shares of 6%, $100 par cumulative preferred stock outstanding at December 31, 2013. No dividends have been paid on this stock for 2012 or 2013. Dividends in arrears at December 31, 2013 total\t$0.\t$600.\t$6,000.\t$12,000.\t13-\tMultiple Choice Question 87\tIf stock is issued for less than par value, the account\tPaid-In Capital in Excess of Par is debited if a debit balance exists in the account.\tPaid-In Capital in Excess of Par is debited if a credit balance exists in the account.\tPaid-In Capital in Excess of Par is credited.\tRetained Earnings is credited.\t14-\tMultiple Choice Question 83\tWhen stock is issued for legal services, the transaction is recorded by debiting Organization Expense for the\tpar value of the stock.\tmarket value of the stock.\tbook value of the stock.\tstated value of the stock.\t15-\tMultiple Choice Question 160\tWin, Inc. has 10,000 shares of 7%, $100 par value, cumulative preferred stock and 100,000 shares of $1 par value common stock outstanding at December 31, 2013. If the board of directors declares a $60,000 dividend, the\t$60,000 will be held as restricted retained earnings and paid out at some future date.\tpreferred shareholders will receive 1\/10th of what the common shareholders will receive.\tpreferred shareholders will receive the entire $60,000.\tpreferred shareholders will receive $30,000 and the common shareholders will receive $30,000.<\/p>\n","protected":false},"excerpt":{"rendered":"
ACC 557 Week 8 Chapter 11 Quiz (all possible questions) \u00a0 This Tutorial contains All possible Questions from this chapter (it contains more than 200 questions set) \u00a0 SOME SAMPLE QUESTIONS ARE GIVEN BELOW OUT OF THOSE 200 QUESTIONS \u00a0 Read More …<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-200258","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/200258","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/comments?post=200258"}],"version-history":[{"count":0,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/200258\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/media?parent=200258"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/categories?post=200258"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/tags?post=200258"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}