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ACCT 312 Week 3 Quiz

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ACCT 312 Week 3 Quiz

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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ACCT 312 Week 3 Quiz

ACCT 312 Week 3 Quiz

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