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26 Cards in this Set
- Front
- Back
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Which of the following is not an advantage form of organization |
government regulations |
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A major disadvantage of a corporation is |
Additional taxes |
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Which of the following statements is false |
Par value and market price of a company’s stock are always the same |
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1,000 shares of $10 par value common stock at $12. Credits are recorded to |
Common stock $10,000 and paid in cap total in excess of par $2,000 |
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100 shares at 13 per share. They were acquired at 10. The entry for sale |
Treasury stock $1,000 and paid in capital $300 |
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Stockholders equity section, the cost of treasury stock is deducted from? |
Total paid-in capital and retained earnings |
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Preferred stock may have priority over common stock except in |
Voting |
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Entries for Cash dividends are required on the |
Declaration date and payment date |
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Which of the following statements about small stock dividends is true |
Market price per share should be assigned to the dividend shares |
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All but one of the following is reported in a retained earnings statement |
Sales revenue |
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A prior period adjustment is |
A correction of an error that is recorded directly to retained earnings |
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In the stockholders equity section of the balance sheet, common stock |
Is part of paid-in capital |
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Which of the following is not reported under additional paid-in capital? |
Common stock |
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When a stockholders equity statement is presented it is not necessary to prepare a |
Retained earnings statement |
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Which is not a primary reason why corporations invest in debt and equity securities |
They are required to by the law |
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Debt investments are initially recorded at |
Cost |
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Hanes company sells debt investments costing $26,000 for $28,000. Journalizing the sale ? |
Debt investments and gain on sale of debt investments |
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You have a controlling interest if |
You own more than 50% of a company’s stock |
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Net cash provided by financing activities |
130,000
(100,000+60,000-30,000) |
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Net cash provided by investing activities |
120,000
(100,000+50,000-30,000) |
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Net cash provided by investing activities |
120,000
(100,000+50,000-30,000) |
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Net cash provided by operating activities |
220,000
(100,000+40,000-10,000+20,000-30,000) |
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Items that are added back to net income in deterring net cash provided by operating activities under indirect method do not include ? |
An increase in inventory |
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Which of the following is incorrect about the statement of cash flows |
The operating section is the last section |
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Which is an example of a cash flow from a financing activity |
Insurance of debt cash |
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Cash dividends paid to stockholders are classified on the statement of cash flows as |
Financing activities |
