Accounting

Cumulative preferred shares usually carry the right, upon liquidation of the corporation, to

Cumulative preferred shares usually carry the right, upon liquidation of the corporation, to

Cumulative preferred shares usually carry the right, upon liquidation of the corporation, to
dividends in arrears to the extent the corporation has retained earnings.
[True or False?]

allyprice   27   3 Replies

mr3steps

A bad debt loss is recognized when a subscriber to common shares defaults.

A bad debt loss is recognized when a subscriber to common shares defaults.

A bad debt loss is recognized when a subscriber to common shares defaults.
[True or False?]

tjoshie77   18   1 Reply

gage

If a corporation only has one class of shares, that class must be common shares.

If a corporation only has one class of shares, that class must be common shares.

If a corporation only has one class of shares, that class must be common shares.
[True or False?]

jSON   45   3 Replies

kamikazekota

Common share subscriptions receivable should always be reported as a current asset.

Common share subscriptions receivable should always be reported as a current asset.

Common share subscriptions receivable should always be reported as a current asset.
[True or False?]

water bottle   38   2 Replies

water bottle

The Treasury Share account is debited and credited at the cost of the shares repurchased.

The Treasury Share account is debited and credited at the cost of the shares repurchased.

The Treasury Share account is debited and credited at the cost of the shares repurchased.
[True or False?]

Jojo2you   46   2 Replies

Jojo2you

Treasury shares held by management are considered to be issued but not outstanding.

Treasury shares held by management are considered to be issued but not outstanding.

Treasury shares held by management are considered to be issued but not outstanding.
[True or False?]

andreathomas03   45   2 Replies

andreathomas03

Issuing a common stock dividend decreases common shares and increases retained earnings.

Issuing a common stock dividend decreases common shares and increases retained earnings.

Issuing a common stock dividend decreases common shares and increases retained earnings.
[True or False?]

7.prime7105   63   3 Replies

lvida

The position of common shareholders is less risky than the positions of both the creditors and

The position of common shareholders is less risky than the positions of both the creditors and

The position of common shareholders is less risky than the positions of both the creditors and
preferred shareholders.
[True or False?]

pie   23   2 Replies

pie

A Statement of Changes in Shareholder Equity is mandatory under both IFRS and ASPE.

A Statement of Changes in Shareholder Equity is mandatory under both IFRS and ASPE.

A Statement of Changes in Shareholder Equity is mandatory under both IFRS and ASPE.
[True or False?]

blobcat   19   2 Replies

blobcat

Both preferred and common shares may be cumulative.

Both preferred and common shares may be cumulative.

Both preferred and common shares may be cumulative.
[True or False?]

my2redeyes   20   2 Replies

my2redeyes

Legal capital is related directly to the total number of shares issued.

Legal capital is related directly to the total number of shares issued.

Legal capital is related directly to the total number of shares issued.
[True or False?]

jloper25   19   1 Reply

samilee

The shareholders of a corporation usually cannot be held legally liable for the debts of the

The shareholders of a corporation usually cannot be held legally liable for the debts of the

The shareholders of a corporation usually cannot be held legally liable for the debts of the
corporation except to the extent that legal capital is impaired.
[True or False?]

Stevea26   29   2 Replies

Stevea26

Only certain unrealized gains flow through Other Comprehensive Income any realized

Only certain unrealized gains flow through Other Comprehensive Income any realized

Only certain unrealized gains flow through Other Comprehensive Income  any realized
gains flow through retained earnings.
[True or False?]

Gabriel310   39   2 Replies

Gabriel310

Par value is typically set at a low amount so that the corporation can pay a minimum amount in

Par value is typically set at a low amount so that the corporation can pay a minimum amount in

Par value is typically set at a low amount so that the corporation can pay a minimum amount in
dividends to the preferred shareholders.
[True or False?]

Brownr40   24   2 Replies

Brownr40

Dividends are paid when declared.

Dividends are paid when declared.

Dividends are paid when declared.
[True or False?]

ryansul   16   1 Reply

dont Panic

When stock rights are issued to current shareholders, it may require more than one such right to

When stock rights are issued to current shareholders, it may require more than one such right to

When stock rights are issued to current shareholders, it may require more than one such right to
later acquire one additional share of the stock covered by the rights.
[True or False?]

7.prime7105   30   3 Replies

esnyder

A stock dividend and a stock split are identical in all respects for the corporation issuing the

A stock dividend and a stock split are identical in all respects for the corporation issuing the

A stock dividend and a stock split are identical in all respects for the corporation issuing the
dividend or splitting the stock.
[True or False?]

sumik   49   3 Replies

Maserati

A large stock split should be accounted for by capitalizing the current market value of the stock.

A large stock split should be accounted for by capitalizing the current market value of the stock.

A large stock split should be accounted for by capitalizing the current market value of the stock.
[True or False?]

Help   22   3 Replies

africa143

When a corporation declares a small stock dividend, it should capitalize the par value of the

When a corporation declares a small stock dividend, it should capitalize the par value of the

When a corporation declares a small stock dividend, it should capitalize the par value of the
shares.
[True or False?]

Eighty8   41   1 Reply

Coxwell

All Contributed Capital accounts may carry either a debit or a credit balance, depending

All Contributed Capital accounts may carry either a debit or a credit balance, depending

All Contributed Capital accounts may carry either a debit or a credit balance, depending
on the transactions from which the account balance originated.
[True or False?]

laurenmazzant   24   2 Replies

laurenmazzant

Property dividends are dividends that the corporation distributes in the form of noncash assets.

Property dividends are dividends that the corporation distributes in the form of noncash assets.

Property dividends are dividends that the corporation distributes in the form of noncash assets.
[True or False?]

Galindoux21   46   2 Replies

Galindoux21

Total retained earnings include both appropriated and unappropriated retained earnings.

Total retained earnings include both appropriated and unappropriated retained earnings.

Total retained earnings include both appropriated and unappropriated retained earnings.
[True or False?]

hh360   58   1 Reply

Dessa Douglas

Retained earnings, if not designated otherwise, represents the unappropriated portion of retained

Retained earnings, if not designated otherwise, represents the unappropriated portion of retained

Retained earnings, if not designated otherwise, represents the unappropriated portion of retained
earnings.
[True or False?]

sillygoose   31   2 Replies

sillygoose

All unrealized gains and losses, regardless of origin, flow through Other Comprehensive

All unrealized gains and losses, regardless of origin, flow through Other Comprehensive

All unrealized gains and losses, regardless of origin, flow through Other Comprehensive
Income.
[True or False?]

hnm123   23   1 Reply

lanachase

Preferred shares generally have fewer voting rights than common shareholders but

Preferred shares generally have fewer voting rights than common shareholders but

Preferred shares generally have fewer voting rights than common shareholders but
receive preferential treatment (relative to the common shareholders in the event of the
companys liquidation.
[True or False?]

alexkathryne   31   2 Replies

alexkathryne

Under IFRS, companies are required to disclose the components of their shareholders

Under IFRS, companies are required to disclose the components of their shareholders

Under IFRS, companies are required to disclose the components of their shareholders
equity along with an explanation of any shareholder equity transactions during the year.
[True or False?]

peep232   28   3 Replies

byehoe

Before a company can issue a property dividend in shares of another company, it must

Before a company can issue a property dividend in shares of another company, it must

Before a company can issue a property dividend in shares of another company, it must
ensure that the shares are recorded at market value. The dividend is then paid out of the
companys contributed capital accounts rather than its retained earnings.

9ty9   64   3 Replies

Josh

Retained Earnings restrictions are usually imposed on a company by a third party.

Retained Earnings restrictions are usually imposed on a company by a third party.

Retained Earnings restrictions are usually imposed on a company by a third party.
[True or False?]

7.prime7105   29   1 Reply

ashleyr1819

The contributed capital accounts should be classified by source.

The contributed capital accounts should be classified by source.

The contributed capital accounts should be classified by source.
[True or False?]

dboticus   22   3 Replies

terriroberts96

Shareholders in a corporation usually have limited liability.

Shareholders in a corporation usually have limited liability.

Shareholders in a corporation usually have limited liability.
[True or False?]

hh360   24   1 Reply

billybob888

Preferred shareholders normally have the same voting rights as common shareholders.

Preferred shareholders normally have the same voting rights as common shareholders.

Preferred shareholders normally have the same voting rights as common shareholders.
[True or False?]

pencils13   42   2 Replies

pencils13

Businesses engage in many transactions that are unaffected by the form of the business:

Businesses engage in many transactions that are unaffected by the form of the business:

Businesses engage in many transactions that are unaffected by the form of the business:
proprietorship, partnership, or corporation.
[True or False?]

jaineflores   33   2 Replies

jaineflores

Advance Refunding

Advance Refunding

The City of Armona has decided to refinance $8,000 par value of general government, general obligation bonds outstanding. The bonds had a related unamortized bond premium of $200. The city issues $6,000 of refunding bonds and transfers $2,700 from th

derro   77   1 Reply

bolbol

Bond Issues Question

Bond Issues Question

There are four (4) separate scenarios for bond issuances below. For each scenario, prepare the journal entry or entries for the transaction for the Capital Projects Fund and indicate the effects of each scenario on the Capital Projects Fund balance s

derro   71   1 Reply

bolbol

Comprehensive Interfund Transactions

Comprehensive Interfund Transactions

events in the appropriate general ledger accounts of the appropriate funds for the year ended June 30, 2011. The City of Middlesettlements uses a series of each type of nominal account (e.g., Revenues–Property Taxes, Revenues–Other, Expenditures–Oper

derro   93   1 Reply

bolbol

Comprehensive Capital Projects Fund Problem

Comprehensive Capital Projects Fund Problem

Requirements:

1.   Prepare all the entries required in the Jail Addition Capital Projects Fund for Franklin County for the following transactions and events. No explanations are required. If no entry is required, state “No entry required” an

derro   60   1 Reply

bolbol

Debt Service Fund Transactions

Debt Service Fund Transactions

Listed below are selected transactions from a Loudon County Debt Service Fund (all amounts are in thousands of dollars).

1.   The remaining funds of a Capital Projects Fund, $1,500, were transferred to the Debt Service Fund to be used in the

derro   55   1 Reply

bolbol

Other Interfund Transactions: Loans

Other Interfund Transactions: Loans

Transactions:

1.   A loan of $50 was made from the General Fund to the Gasoline Tax Fund (GTF), which is accounted for as a Special Revenue Fund. The loan will be repaid in five years.
2.   The General Fund loaned $320 to the Capital Proj

derro   96   1 Reply

bolbol

Other Interfund Transactions: BANs and Long-Term Debt

Other Interfund Transactions: BANs and Long-Term Debt

Transactions:

1.   The government issued $2,500 of 8-month, 9% bond anticipation notes. The notes meet the requirements to be accounted for as long-term debt. The proceeds are to be used to begin construction of a recently approved addition

derro   100   1 Reply

bolbol

Other Interfund Transactions: Debt Refunding

Other Interfund Transactions: Debt Refunding

Transactions:

The City of Armona has decided to refinance $8,000 of par value, general government, general obligation bonds outstanding. The bonds had a related unamortized bond premium of $200. The city issues $6,000 of refunding bonds at

derro   90   1 Reply

bolbol