ACC 206 Week 11 Final Exam – Strayer


Click on the Link Below to Purchase A+ Graded Course Material

http://budapp.net/ACC-206-Accounting-Principles-II-Week-11-Final-Exam-Strayer-269.htm


Chapter14 Through 19


CORPORATIONS:DIVIDENDS,RETAINEDEARNINGS,ANDINCOMEREPORTING


CHAPTERSTUDYOBJECTIVES


1.Preparetheentriesforcashdividendsandstockdividends.

2.Identifytheitemsreportedinaretainedearningsstatement.

3.Prepareandanalyzeacomprehensivestockholders'equitysection.

4.Describetheformandcontentofcorporationincomestatements.

5.Computeearningspershare.

TRUE-FALSESTATEMENTS

1.         Dividendsmaybedeclaredandpaidincashor stock.

2.     Cashdividends arenotaliability ofthecorporationuntiltheyaredeclaredbytheboardof directors.

3.     Theamountofacashdividendliabilityisrecordedonthedateofrecordbecauseitison that datethatthepersonsor entitieswhowillreceivethedividendare identified.

4.     A10%stockdividendwillincreasethenumberofsharesoutstandingbutthebookvalue pershare willdecrease.

5.     A3for1commonstocksplitwillincreasetotalstockholders'equitybutreducetheparor stated valuepershareofcommonstock.

6.     Retainedearningsrepresentstheamount of cashavailablefordividends.

7.     Netincomeofacorporationshouldbeclosedtoretainedearningsandnetlossesshould be closed to paid-incapitalaccounts.

8.     A debitbalanceintheRetained Earningsaccountis identifiedasadeficit.

9.     AcorrectioninincomeofapriorperiodinvolveseitheradebitorcredittotheRetained Earningsaccount.

10.     Priorperiodadjustmentsto incomearereportedinthecurrentyear'sincomestatement.

11.     Retainedearningsthat are restrictedareunavailablefordividends.

12.     Restrictedretainedearnings areavailableforpreferredstockdividendsbutunavailablefor commonstockdividends.

13.     Aretainedearningsstatementshowsthesameinformationasacorporationincome statement.

14.     Adetailedstockholders'equitysectioninthebalancesheetwilllistthenamesof individualswhoare eligibletoreceivedividendsonthedateofrecord.

15.     CommonStockDividendsDistributableisshownwithinthePaid-inCapitalsubdivisionof thestockholders'equitysectionof thebalancesheet.

16.     Returnoncommonstockholders’equityiscomputedbydividingnetincomebyending stockholders’ equity.

17.     Manycompaniesprepareastockholders’equitystatementinsteadofpresentinga detailed stockholders’ equity sectioninthebalancesheet.

18.     Amajordifferenceamongcorporations,proprietorships,andpartnershipsisthata corporation's incomestatementreportsincometaxexpense.

19.     A corporationincursincometaxexpense onlyifitpaysdividendsto stockholders.
Corporations:Dividends,RetainedEarnings,andIncomeReporting          14-5

20.     Incometaxexpenseusuallyappearsasaseparatesectiononacorporationincome statement.

21.     Earningspershareiscalculatedbydividingnetincomebytheweightedaveragenumber ofshares ofpreferredstock and commonstockoutstanding.

22.     Preferreddividendspaidareaddedbacktonetincomeincalculatingearningspershare for commonstockholders.

23.     Earningspershareindicatesthenetincomeearnedbyeachshareofoutstanding commonstock.

24.     Earningsper shareis reportedfor both preferredandcommonstock.

25.     Mostcompaniesarerequiredtoreportearningspershareonthefaceoftheincome statement.

Additional True-FalseQuestions

26.     A dividendbasedonpaid-incapitalis termeda liquidatingdividend.

27.     CommonStockDividendsDistributableisreportedasadditionalpaid-incapitalinthe stockholders' equitysection.

28.     Apriorperiodadjustmentisreportedasanadjustmentofthebeginningbalanceof RetainedEarnings.

29.     Incometaxexpenseandtherelatedliabilityforincometaxespayablearerecordedwhen taxes are paid.

30.     Earningsper shareis reportedonlyforcommonstock.





MULTIPLECHOICEQUESTIONS

31.     Eachof thefollowingdecreasesretainedearningsexcepta a.cashdividend.
b.liquidatingdividend. c.stockdividend.
d.All of thesedecreaseretainedearnings.

32.     Eachof thefollowingdecreasestotal stockholders'equityexcepta a.cashdividend.
b.liquidatingdividend. c.stockdividend.
d.Allof thesedecreasetotalstockholders'equity.

33.     Whichoneofthefollowingisnotnecessaryinorderforacorporationtopayacash dividend?
a.Adequatecash
b.Approvalof stockholders
c.Declarationof dividendsbytheboardof directors d.Retainedearnings

34.     Ifa corporationdeclaresa dividendbasedupon paid-in capital,it isknownasa a.scrip dividend.
b.propertydividend. c.paiddividend.
d.liquidatingdividend.

35.     Thedateonwhichacashdividendbecomesabindinglegalobligationison the a.declarationdate.
b.date of record. c.paymentdate.
d.lastdayofthefiscalyear-end.

36.     The effectofthedeclarationofacashdividendbytheboardof directorsis to

         Increase         
a.Stockholders'equity b.          Assets
c.            Liabilities d. Liabilities
         Decrease         
Assets Liabilities
Stockholders'equity Assets


37.     Thecumulativeeffectofthedeclarationandpaymentofacashdividendonacompany's financial statementsis to
a.decreasetotal liabilitiesandstockholders'equity. b.increasetotalexpensesandtotal liabilities.
c.increasetotal assetsand stockholders'equity. d.decreasetotalassetsandstockholders'equity.
Corporations:Dividends,RetainedEarnings,andIncomeReporting          14-7

38.     CommonStock DividendsDistributableisclassifiedasa(n) a.assetaccount.
b.stockholders'equityaccount. c.expenseaccount.
d.liabilityaccount.

39.     The effectofastockdividend isto
a.decreasetotalassetsandstockholders'equity. b.change thecompositionofstockholders'equity. c.decreasetotal assetsandtotal liabilities.
d.increasethebook valuepershareofcommonstock.

40.     Ifacorporationdeclaresa10%stockdividendonitscommonstock,theaccounttobe debited onthedateofdeclaration is
a.CommonStock DividendsDistributable. b.CommonStock.
c.Paid-inCapitalinExcessofPar. d.RetainedEarnings.

41.     Whichoneofthefollowingeventswouldnotrequireaformaljournalentryona corporation's books?
a.2for 1 stocksplit
b.100%stockdividend c.2%stockdividend
d.$1 persharecashdividend

42.     Stockdividendsandstocksplitshavethefollowingeffectsonretainedearnings:

StockSplits a.         Increaseb.    Nochange c.     Decreased.    Nochange
StockDividendsNochange
Decrease Decrease Nochange


43.     Dividendsarepredominantlypaidin a.scrip.
b.property. c.cash.
d.stock.

44.     Ifastockholderreceivesadividendconsistingofapromissorynote,thestockholderhas received a
a.stockdividend. b.cashdividend.
c.contingentdividend. d.scripdividend.

45.     Of thefourdividendstypes,thetwomostcommontypesinpracticeare a.cashandscrip.
b.cashand property. c.cashandstock.
d.propertyandstock.
14-8       

46.     Regulardividendsaredeclared outof
a.Paid-inCapitalinExcessofPar Value. b.TreasuryStock.
c.CommonStock.
d.RetainedEarnings.

47.     A corporationiscommittedto alegalobligationwhen it declares a.acashdividend.
b.eitheracashdividendorastockdividend. c.astockdividend.
d.astocksplit.

48.     Whichofthefollowingisnot asignificantdate withrespectto dividends? a.Thedeclarationdate
b.The incorporationdate c.Therecorddate
d.Thepaymentdate

49.     Onthedividendrecorddate,
a.a dividendbecomesa currentobligation. b.noentryisrequired.
c.anentrymaybe requiredifit isastockdividend. d.DividendsPayableis debited.

50.     Whichofthefollowingstatementsregarding thedateofacashdividenddeclaration isnot accurate?
a.Thedividendcan berescindedonceit hasbeendeclared. b.Thecorporationiscommittedto alegal,bindingobligation.
c.Theboard of directorsformallyauthorizesthecashdividend. d.A liabilityaccountmustbe increased.

51.     DividendsPayableisclassifiedas a a.long-termliability.
b.contrastockholders'equityaccountto RetainedEarnings. c.currentliability.
d.stockholders'equityaccount.

52.     Indicatetherespectiveeffectsofthedeclarationofacashdividendonthefollowing balance sheet sections:

Total Assets a.       Increaseb.    Nochange c.     Decrease d.     Decrease
Total LiabilitiesDecrease Increase IncreaseNochange
Total Stockholders'EquityNochange
Decrease Decrease Increase

53.     Whichofthefollowingstatements aboutdividendsisnotaccurate? a.Manycompanies declareandpaycashquarterlydividends.
b.Lowdividendsmaymeanhigh stockreturns.
c.Theboard of directorsis obligatedtodeclaredividends. d.A legaldividendmaynot beafeasibleone.
Corporations:Dividends,RetainedEarnings,andIncomeReporting          14-9

54.     Thecumulativeeffectofthedeclarationandpaymentofacashdividendonacompany's balance sheet isto
a.decreasecurrent liabilitiesand stockholders'equity. b.increasetotalassetsandstockholders'equity.
c.increasecurrentliabilitiesandstockholders'equity. d.decreasestockholders' equityandtotalassets.

55.     Thedeclarationanddistributionof a stockdividendwill a.increasetotalstockholders'equity.
b.increasetotalassets. c.decreasetotal assets.
d.havenoeffectontotalassets.

56.       ABC,Inc.has1,000sharesof4%,$100parvalue,cumulativepreferredstockand50,000 sharesof$1parvaluecommonstockoutstandingatDecember31,2008.Whatisthe annual dividend 

Comments

Post a Comment

Popular posts from this blog

CIS 519 Midterm and Final Exam – Strayer NEW

Click On The Link Below To Purchase A+ Graded Material Instant Download http://budapp.net/CIS-519-Exam-Midterm-and-Final-Exam-Strayer-NEW-CIS519MFE.htm Chapter 1 Through 14 Chapter 1   Decision Support Systems and Business Intelligence 1) When faced with a turbulent business environment, organizations are best able to survive or even excel by minimizing changes until the environment stabilizes. Diff: 2    Page Ref: 2 2) The management of Norfolk Southern, a large freight railroad company, invested in data warehousing technologies. Even though railroad transportation is a mature industry, Norfolk Southern gained a competitive advantage by using its data warehousing technologies to squeeze additional efficiency from its operations. Diff: 2    Page Ref: 4 3) Globalization has significantly reduced the complexity of the business environment. For example, companies can find suppliers and customers in many countrie...
Read more

CIS 499 Week 11 Discussion Questions – Strayer NEW

Click On The Link Below to Purchase A+ Graded Material Instant Download http://budapp.net/CIS-499-Week-11-Discussion-Questions-Strayer-NEW-CIS499W11D.htm Week 11 Discussion 1 "Course Summation" Please respond to the following: ·          Describe the most important piece of knowledge that you gained during this course. ·          Discuss ways you plan to apply what you learned in this course in your current or future position. Week 11 Discussion 2 "Role of CIO" Please respond to the following: ·          The role of CIO is the most influential capacity in the IT organization. Identify what you believe are the most important characteristics and qualities of successful CIOs. ·          Of the characteristics and qualities you identified above, reflect on those you have and those you still need t...
Read more

CIS 562 Week 11 Final Exam – Strayer New

Click On The Link Below To Purchase A+ Graded Material Instant Download http://budapp.net/CIS-562-Final-Exam-Week-11-Strayer-NEW-CIS562W11E.htm Chapters 7 Through 16 Chapter 7: Current Computer Forensics Tools TRUE/FALSE      1.   When you research for computer forensics tools, strive for versatile, flexible, and robust tools that provide technical support.      2.   In software acquisition, there are three types of data-copying methods.      3.   To help determine what computer forensics tool to purchase, a comparison table of functions, subfunctions, and vendor products is useful.      4.   The Windows platforms have long been the primary command-line interface OSs.      5.   After retrieving and examining evidence data with one tool, you should verify your results by performing the same t...
Read more