Accounting Prep Quiz
Accounting Preparation Quiz
Are you ready to test your knowledge of accounting principles? This engaging quiz is designed to challenge your understanding of corporate finance topics, including shareholder equity, dividends, and different business structures.
- Explore various types of corporations
- Understand shareholder voting rights
- Learn about retained earnings and their implications
- Journalize transactions accurately
Which stock owners get to vote for the board of directors
Common Stock
Preferred Stock
Mixed Stock
Treasury Stock
Which items can be found in the shareholders equity section of the balance sheet?
Share Capital
Additional Contributed Capital
Net Income Before Stock Tax
Net Income After Stock Tax
Net Income
Expenses
Retained earnings are
Distributed to shareholders
Not Distributed to shareholders
Distributed to the board of directors
In rare circumstances reacquired shares are saved as _ _ _ _ for later reissue
Preferred Stock
Common Stock
Treasury Stock
Reacquired Stock
Which are the important dates associated with cash dividends?
Declaration Date
Record Date
Payment Date
Transfer Date
In order to issue cash dividends a corporation must have
Retained Earnings, Cash, Declared Dividends
Retained Earnings, Stock, Declared Dividends
Retained Earnings, Stock, Cash
Retained Earnings, Stock, Cash Assets
Select all ADVANTAGES of a corporation
Corporate Management
Separate Legal Existence
Continuous Life
Income based on Revenue
Unlimited Liability
Smaller Taxes
Journalize the transaction to record the issue of 10 000 common stock shares with a par value of $5 per share. Current fair-market value is $7 per share.
DR. Cash 70 000, CR Common Stock 50 000, CR Paid-in Capital 20 000
DR. Cash 70 000, CR Common Stock 70 000
DR. Cash 50 000, CR Common Stock 50 000
DR. Cash 70 000, CR Common Stock 20 000, CR Paid-in Capital 50 000
Declaration of 10% of 100 000 valued at $1 per share Common Stock Share Dividends.
DR. C/S Dividends 10 000, CR. C/S Dividends Distributable 10 000
DR. C/S Dividends Distributable 10 000, CR. C/S Dividends 10 000
DR. Cash 10 000, CR. C/S Dividends Distributable 10 000
DR. Common Stock 10 000, CR. C/S Cash 10 000
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