ACC 291 Week 3 Individual Assignment WileyPlus Practice Chapter 11 And 12

ACC 291 Week 3 Individual Assignment WileyPlus Practice Chapter 11 And 12
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ACC 291 Week 3 Individual Assignment WileyPlus Practice Chapter 11 and 12

Question 1

Which of the following is not an advantage of a corporation?
Government regulations.
Separate legal existence.
Transferable ownership rights.
Continuous life.

Question 2

Which of the following is a disadvantage of a corporation
limited liability of stockholders.
additional taxes.
transferable ownership rights.
None of the above.

Question 3

Which of the following statements is false?
The stockholders’ equity section begins with paid-in capital.
The authorization of capital stock does not result in a formal accounting entry.
Ownership of common stock gives the owner a voting right.
The par value of a share of stock is equal to its market value.

Question 4

ABC Corporation issues 1,000 shares of $10 par value common stock at $12 per share. In recording the transaction, credits are made to:
Common Stock $10,000 and Paid-in Capital in Excess of Par Value $2,000.
Common Stock $10,000 and Retained Earnings $2,000.
Common Stock $10,000 and Paid-in Capital in Excess of Stated Value $2,000.
Common Stock $12,000.

Question 5

XYZ, Inc. sells 100 shares of $5 par value treasury stock at $13 per share. If the cost of acquiring the shares was $10 per share, the entry for the sale should include credits to:
Treasury Stock $500 and Paid-in Capital from Treasury Stock $800.
Treasury Stock $1,000 and Retained Earnings $300.
Treasury Stock $500 and Paid-in Capital in Excess of Par Value $800.
Treasury Stock $1,000 and Paid-in Capital from Treasury Stock $300.

Question 6

In the stockholders’ equity section, the cost of treasury stock is deducted from:
total paid-in capital and retained earnings.
retained earnings....