Accounting

The following data is available for XAC:

The following data is available for XAC:

The following data is available for XAC:
Common shares, no par 10,000 shares authorized, 8,000 shares
outstanding
$120,000
Common shares subscribed ?
Subscriptions receivables (40% uncollected) 12,000
Find the number of shares subscribed and th

kab170   23   1 Reply

dearsophia21

The increases in account balances of XYZ during 1999 are presented below:

The increases in account balances of XYZ during 1999 are presented below:

The increases in account balances of XYZ during 1999 are presented below:
Assets $456,000 Common Shares 240,000
Liabilities 148,000 Other Contributed Capital 24,000
Assuming the only debit to retained earnings was for a dividend of $52,000, net in

tjoshie77   33   2 Replies

tjoshie77

When all of the preferred shares are purchased and formally retired by the issuing corporation for

When all of the preferred shares are purchased and formally retired by the issuing corporation for

When all of the preferred shares are purchased and formally retired by the issuing corporation for
less than its original issue price, accounting for the retirement increases:
A) Retained earnings.
B) Contributed capital in excess of par, common s

sholey   59   2 Replies

sholey

Which of the following is NOT a true statement? Treasury stock is:

Which of the following is NOT a true statement? Treasury stock is:

Which of the following is NOT a true statement? Treasury stock is:
A) Shares that cannot receive dividends nor vote.
B) Shares that are held by the issuing company but has not been retired.
C) Recorded in an equity account that has a debit balance

StevenSpaghetti   25   2 Replies

StevenSpaghetti

How should a gain from the sale of treasury stock be reflected when using the single transaction

How should a gain from the sale of treasury stock be reflected when using the single transaction

How should a gain from the sale of treasury stock be reflected when using the single transaction
method of recording treasury stock transactions?
A) As an extraordinary item shown on the income statement
B) As ordinary earnings shown on the income

jmarc   17   2 Replies

jmarc

Under the single transaction method, the difference between the cost of treasury stock and a

Under the single transaction method, the difference between the cost of treasury stock and a

Under the single transaction method, the difference between the cost of treasury stock and a
subsequent higher selling price of the treasury stock should be credited to:
A) Retained earnings.
B) Share capital.
C) Gain from treasury stock transact

Toko   31   2 Replies

Toko

The order in which dividends are allocated to common and preferred shares depends upon the

The order in which dividends are allocated to common and preferred shares depends upon the

The order in which dividends are allocated to common and preferred shares depends upon the
provisions in the respective stock contracts. Choose the correct statement regarding this
allocation.
A) When noncumulative preferred shares are fully parti

macbookpro1   46   3 Replies

branbran2k16

If preferred shares are callable, then:

If preferred shares are callable, then:

If preferred shares are callable, then:
A) The corporation may, at its option, purchase the preferred shares for a specified cash price.
B) The preferred shareholder can turn the preferred shares in for a specified cash price.
C) The shareholders

laurenmazzant   38   3 Replies

alpheratz

The redemption privilege on preferred shares provides that the preferred shareholders can:

The redemption privilege on preferred shares provides that the preferred shareholders can:

The redemption privilege on preferred shares provides that the preferred shareholders can:
A) Purchase treasury shares any time they become available.
B) Purchase enough shares of any new issue, so that their percentage ownership remains the
same.

sandy.cards   49   2 Replies

sandy.cards

When a corporation sells some of its own common shares, all on credit, there should be a debit to

When a corporation sells some of its own common shares, all on credit, there should be a debit to

When a corporation sells some of its own common shares, all on credit, there should be a debit to
the account:
A) Subscriptions receivable, common.
B) Accounts receivable.
C) Cash.
D) Notes receivable, common.

dri   29   2 Replies

dri

Zygo sold 1,000 common shares (par $3) at $5 per share on a subscription basis. The entry to

Zygo sold 1,000 common shares (par $3) at $5 per share on a subscription basis. The entry to

Zygo sold 1,000 common shares (par $3) at $5 per share on a subscription basis. The entry to
record this transaction included a credit to:
A) Accounts receivable.
B) Contributed capital in excess of par.
C) Common shares.
D) Subscriptions receiv

crazzibear2   34   2 Replies

crazzibear2

At the date of the financial statements, common shares issued would exceed common shares

At the date of the financial statements, common shares issued would exceed common shares

At the date of the financial statements, common shares issued would exceed common shares
outstanding as a result of the:
A) Payment in full of subscribed shares.
B) Declaration of a stock split.
C) Declaration of a stock dividend.
D) Purchase of

9ty9   56   3 Replies

shy567

Share capital may be classified primarily as:

Share capital may be classified primarily as:

Share capital may be classified primarily as:
A) Par Value, Common; or Nopar, Preferred.
B) Nopar, Common; or Par Value, Preferred.
C) Par Value, Common; Nopar, Common; Par Value, Preferred; or Nopar, Preferred.
D) Par Value, Common; Stated Value

Zacellison   15   1 Reply

gabbywabbi

Issued share capital refers to the number of shares:

Issued share capital refers to the number of shares:

Issued share capital refers to the number of shares:
A) Outstanding.
B) Outstanding less all shares held as treasury shares.
C) Outstanding plus all shares held as treasury shares.
D) That may be issued according to the corporate charter.

alexkathryne   25   3 Replies

savannahducote

Under IFRS, the treatment of any of a companys foreign subsidiary is dependent upon:

Under IFRS, the treatment of any of a companys foreign subsidiary is dependent upon:

Under IFRS, the treatment of any of a companys foreign subsidiary is dependent upon:
A) The functional currency of the subsidiary.
B) The nature and extent of the parent companys relationship with the subsidiary.
C) A or B.
D) Managerial judgemen

crazzibear2   35   3 Replies

Ace_AZ

Major factors contributing to the growth of the corporate form of business includes all of the

Major factors contributing to the growth of the corporate form of business includes all of the

Major factors contributing to the growth of the corporate form of business includes all of the
following except:
A) The facility to accumulate large amounts of resources.
B) Limited liability of the shareholders.
C) Easy transferability of owners

jmendoza   32   2 Replies

jmendoza

For dividends, the date of record is the date:

For dividends, the date of record is the date:

For dividends, the date of record is the date:
A) The market price of the shares drops due to the dividend.
B) On which the list of shareholders is prepared.
C) The dividend is actually paid.
D) The dividend is announced.

sumik   60   2 Replies

sumik

Which of the following dividends does not reduce retained earnings?

Which of the following dividends does not reduce retained earnings?

Which of the following dividends does not reduce retained earnings?
A) Scrip dividend.
B) Stock dividend.
C) Cash dividend.
D) Property dividend.
E) Liquidating dividend.

beccachristy   22   2 Replies

beccachristy

CB Corporation issued a 2 for 1 stock split. Which of the following is not a true statement

CB Corporation issued a 2 for 1 stock split. Which of the following is not a true statement

CB Corporation issued a 2 for 1 stock split. Which of the following is not a true statement
concerning the effect of the split?
A) The number of shares outstanding is increased.
B) There is a transfer of retained earnings to contributed capital.

Nicholas137   25   2 Replies

Nicholas137

A property dividend causes a debit to retained earnings equal to the ___________ of the property

A property dividend causes a debit to retained earnings equal to the ___________ of the property

A property dividend causes a debit to retained earnings equal to the ___________ of the property
distributed:
A) Book value
B) Fair market value
C) Original cost
D) Income tax basis

Mohammed6   29   2 Replies

Mohammed6

Cash dividends sometimes are declared in one reporting period and are payable in the next

Cash dividends sometimes are declared in one reporting period and are payable in the next

Cash dividends sometimes are declared in one reporting period and are payable in the next
reporting period. The dividend should be recorded on the:
A) Payment date.
B) Declaration date.
C) Record date.
D) Either the declaration, record, or payme

Olivia foy   26   2 Replies

Olivia foy

SXC reported the following data on its 1999 statement of financial position:

SXC reported the following data on its 1999 statement of financial position:

SXC reported the following data on its 1999 statement of financial position:
Common shares no par $202,000
Common shares subscribed 18,000
Retained earnings 175,000
If the average price paid for all of the common shares sold and subscribed were $

alasyachristine   39   1 Reply

DragonHeart

LS issued 200 common shares to BH (last share transaction was a year prior when LS sold 10

LS issued 200 common shares to BH (last share transaction was a year prior when LS sold 10

LS issued 200 common shares to BH (last share transaction was a year prior when LS sold 10
shares at $4 per share), and received a patent in full payment. The patent had a current market
value of $2,000 and was carried on the books of TX at $1,500.

my2redeyes   27   2 Replies

my2redeyes

Treasury shares are said to be:

Treasury shares are said to be:

Treasury shares are said to be:
A) Issued.
B) Outstanding.
C) A and B.
D) A or B.

dri   16   3 Replies

hmonier

Gains on sale of treasury stock should be credited to:

Gains on sale of treasury stock should be credited to:

Gains on sale of treasury stock should be credited to:
A) Additional contributed capital.
B) Other income.
C) Share capital.
D) Retained earnings.

tgehbretgfhgrer   15   2 Replies

tgehbretgfhgrer

The conversion from one type of share to another is accounted for at:

The conversion from one type of share to another is accounted for at:

The conversion from one type of share to another is accounted for at:
A) Book Value.
B) Fair Market Value.
C) A or B.
D) A discounted amount.

Dessa Douglas   19   2 Replies

Dessa Douglas

ABC Inc. issued 1,000 common shares and 3,000 preferred shares for a lump sum of

ABC Inc. issued 1,000 common shares and 3,000 preferred shares for a lump sum of

ABC Inc. issued 1,000 common shares and 3,000 preferred shares for a lump sum of
$25,000. The fair market value of each share on the date of issue was $6 per common share and
$8 per preferred share. How much of the proceeds received should be alloc

beccachristy   41   3 Replies

Josh

Share issue costs may be charged to:

Share issue costs may be charged to:

Share issue costs may be charged to:
A) Earnings.
B) Share Capital.
C) Retained Earnings.
D) B or C.

Waffled   26   1 Reply

kiara23247843

The accounting treatment for ordinary and liquidating dividends differs. Ordinary dividends cause

The accounting treatment for ordinary and liquidating dividends differs. Ordinary dividends cause

The accounting treatment for ordinary and liquidating dividends differs. Ordinary dividends cause
a debit to retained earnings and liquidating dividends cause a debit to contributed capital.
[True or False?]

ebert   31   2 Replies

ebert

In a stock split, only the content of contributed capital is changed, whereas in a stock dividend the

In a stock split, only the content of contributed capital is changed, whereas in a stock dividend the

In a stock split, only the content of contributed capital is changed, whereas in a stock dividend the
amount of contributed capital is changed.
[True or False?]

KingCoobie   15   2 Replies

KingCoobie

A stock split results in the reduction of the par or stated value per share and a proportional

A stock split results in the reduction of the par or stated value per share and a proportional

A stock split results in the reduction of the par or stated value per share and a proportional
increase in the number of shares outstanding.
[True or False?]

marktrick   27   2 Replies

marktrick

In accounting for dividends, the declaration date is the most important date because dividends are

In accounting for dividends, the declaration date is the most important date because dividends are

In accounting for dividends, the declaration date is the most important date because dividends are
paid to whomever owns the shares on that date.
[True or False?]

Zacellison   45   3 Replies

Vrocha21

The date of record for a cash dividend follows the date of payment and precedes the date of

The date of record for a cash dividend follows the date of payment and precedes the date of

The date of record for a cash dividend follows the date of payment and precedes the date of
declaration.
[True or False?]

Jslemin   92   2 Replies

Jslemin

Dividends in arrears on cumulative preferred shares constitute a liability to the corporation that

Dividends in arrears on cumulative preferred shares constitute a liability to the corporation that

Dividends in arrears on cumulative preferred shares constitute a liability to the corporation that
should be recorded (accrued).
[True or False?]

csn   52   2 Replies

csn

Dividends in arrears on noncumulative preferred shares must be paid before dividends can be

Dividends in arrears on noncumulative preferred shares must be paid before dividends can be

Dividends in arrears on noncumulative preferred shares must be paid before dividends can be
paid to the common shareholders.
[True or False?]

taneymc   61   1 Reply

bobbo01

Dividends in arrears on cumulative preferred shares must be paid at the end of the accounting

Dividends in arrears on cumulative preferred shares must be paid at the end of the accounting

Dividends in arrears on cumulative preferred shares must be paid at the end of the accounting
period if cash and retained earnings are available.
[True or False?]

jloper25   47   3 Replies

nsak

When retained earnings are restricted, they must also be appropriated.

When retained earnings are restricted, they must also be appropriated.

When retained earnings are restricted, they must also be appropriated.
[True or False?]

therocket804   19   2 Replies

therocket804

Treasury shares cannot be voted, nor paid dividends, pending resale.

Treasury shares cannot be voted, nor paid dividends, pending resale.

Treasury shares cannot be voted, nor paid dividends, pending resale.
[True or False?]

rb213   36   3 Replies

TArisorev

The purchase of treasury stock reduces the number of outstanding shares, and if the treasury stock

The purchase of treasury stock reduces the number of outstanding shares, and if the treasury stock

The purchase of treasury stock reduces the number of outstanding shares, and if the treasury stock
is subsequently resold, it is again classified as outstanding.
[True or False?]

MinikoRei   68   2 Replies

MinikoRei

Convertible preferred shares are convertible (usually to common shares) at the option of the

Convertible preferred shares are convertible (usually to common shares) at the option of the

Convertible preferred shares are convertible (usually to common shares) at the option of the
shareholder and not at the option of the corporation.
[True or False?]

brandanb6   62   2 Replies

brandanb6