Dividendos

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Chapter 15—Contributed Capital
ACCO 202

MULTIPLE CHOICE

1. Which form of entity is the least dominant in terms of the number that exist in the U.S.?
a.
corporations
b.
partnerships
c.
sole proprietorships
d.
all of the above are equivalent in numbers

2. Universities, hospitals, and churches are examples of which type of corporation?
a.
stock companies
b.
privately heldcompanies
c.
nonstock companies
d.
publicly held companies

3. Which of the following is not a characteristic of the corporate form of business entity?
a.
It is a separate legal entity.
b.
Owners have unlimited liability.
c.
It has an indefinite life span.
d.
Owners often are not an active part of management.

4. All of the following are true statements about a corporation exceptthat it
a.
must pay state and federal income taxes
b.
may engage in any legal activity
c.
can enter into legal contracts
d.
can continue in perpetuity

5. Which of the following types of corporations is owned or operated by a government unit?
a.
Domestic
b.
Private
c.
Closed
d.
Public

6. A corporation whose stock is traded on a stock exchange is called a(n)
a.
privatecorporation
b.
open corporation
c.
domestic corporation
d.
closed corporation

7. A corporation that operates in Texas but is incorporated in Nevada is viewed by Texas as a
a.
foreign corporation in Texas
b.
foreign corporation in Nevada
c.
public corporation in Texas
d.
public corporation in Nevada

8. Which of the following is not a right of common stockholders?
a.
the right tovote in the election of directors
b.
the right to share in the distribution of assets if the corporation liquidates
c.
the preemptive right
d.
the right to accumulated dividends not yet declared

9. Shares of capital stock issued to and held by stockholders as of a specific date are

Authorized
Issued
Outstanding
Capital Stock
Capital Stock
Capital Stock

a.
  Yes    Yes     No
b.
  Yes   Yes      Yes
c.
  No   No      Yes
d.
  No   No     No

10. Which one of the following statements is true?
a.
treasury stock = authorized stock - issued stock
b.
treasury stock = outstanding stock - subscribed stock
c.
treasury stock = authorized stock - outstanding stock
d.treasury stock = issued stock - outstanding stock

11. Which of the following is not part of the stockholders' equity section of the balance sheet?
a.
working capital
b.
contributed capital
c.
treasury stock
d.
retained earnings

12. If a company has 40,000 shares of treasury stock, 100,000 shares outstanding, and 500,000 shares authorized, how many shares are issued?
a.
500,000
b.140,000
c.
100,000
d.
40,000

13. A corporation issues 50 "packages" of securities for $140 per package. Each package consists of five shares of $5 par common stock and one share of $50 par preferred stock. If the market values of $40 per share for the common stock and $120 per share for preferred stock are known, the journal entry to record the sale would assign a total value to thecommon stock (Common Stock and Additional Paid-In Capital on Common Stock) of
a.
$4,375
b.
$3,125
c.
$5,000
d.
$1,000

14. Terry's Travel Co. had 5,000 shares of $8 par common stock outstanding. The stock was split two-for-one and the par value was reduced to $3. Which entry correctly records this stock split?
a.
Common Stock, $8 par 40,000
Common Stock, $3 par40,000
b.
Common Stock, $8 par 40,000
Common Stock, $3 par 30,000
Additional Paid-In Capital from
Stock Split 10,000
c.
Common Stock, $8 par 40,000
Common Stock, $3 par 30,000
Gain on...
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