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Accounting Prep Quiz

An educational and engaging accounting-themed graphic, featuring symbols of finance like ledgers, stock certificates, calculators, and cash flow charts, in a modern and visually appealing style.

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

11 Questions3 MinutesCreated by CalculatingMind425

The two types of corporations based on purpouse

Profit

Non Profit

Public

Private

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

What is the most dominant form of a business

Sole Proprietorship

Corporation

Partnership

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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