ACCT 312 Week 3 Quiz

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ACCT 312 Week 3 Quiz

1.Question :(TCO 4) Common shareholders usually have all of the following rights, except
Student Answer: to share in the profits.
 to share in assets upon liquidation.
 to elect a board of directors.
 to participate in the day-to-day operations.


Question 2.Question :(TCO 4) Outstanding common stock is
Student Answer: stock that is performing well on the New York Stock Exchange.
 stock that has been authorized by the state for issue.
 stock held in the corporate treasury.


Question 3.Question :(TCO 4) Our company declared a property dividend to give marketable securities to its common stockholders. The securities had cost our company $14 million and currently have a fair value of $32 million. Which would be included in recording the property dividend declaration?
Student Answer: Increase in a liability for $32 million
 Decrease in retained earnings for $14 million
 Decrease in marketable securities by $32 million
 All of the above

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Question 4.Question :(TCO 4) When treasury shares are resold at a price below cost,
Student Answer: paid-in capital and/or retained earnings is increased.
 paid-in capital and/or retained earnings is reduced.
 retained earnings is always reduced.
 a loss is taken on the income statement.


Question 5.Question :(TCO 4) Our company has outstanding 400 million shares, $2 par common shares, selling for $8 per share. After a 1 for 4 reverse stock split,
Student Answer: our company would have 100 million shares, $8 par per share.
 the market price per share would be about $2.
 fractional shares would be issued.
 retained earnings would be reduced.



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