ACC 291 Week 3 Chapter 11 Practice Quiz 1

 In this file ACC 291 Week 3 Chapter 11 Practice Quiz 1 you can find right answers on the following questions:


 1. Which of the following is not an advantage of a corporation?


 2. Which of the following is a disadvantage of a corporation


 3. Which of the following statements is false?


 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:


 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:


 6. In the stockholders' equity section, the cost of treasury stock is deducted from:


 7. Preferred stock may have priority over common stock except in:


 8. M-Bot Corporation has 10,000 shares of 8%, $100 par value, cumulative preferred stock outstanding at December 31, 2011. No dividends were declared in 2009 or 2010. If M-Bot wants to pay $375,000 of dividends in 2011, common stockholders will receive:


 9. Entries for cash dividends are required on the:


 10. Which of the following statements about small stock dividends is true?


 11. All but one of the following is reported in a retained earnings statement. The exception is:


 12. A prior period adjustment is:


 13. In the stockholders' equity section of the balance sheet, common stock:


 14. Which of the following is not reported under additional paid-in capital?


 15. Katie Inc. reported net income of $186,000 during 2011 and paid dividends of $26,000 on commonstock. It also has 10,000 shares of 6%, $100 par value, noncumulative preferred stock outstanding. Common stockholders' equity was $1,200,000 on January 1, 2011, and $1,600,000 on December 31, 2011. The company's return on common stockholders' equity for 2011 is:


 16. When a stockholders' equity statement is presented, it is not necessary to prepare a(an):


 17. The ledger of JFK, Inc. shows common stock, common treasury stock, and no preferred stock. For this company, the formula for computing book value per share is:

Business - Accounting
 ACC 291 All Week 3 Assignments - Individual WileyPlus Assignment



 Includes:

 Week 3 Chapter 11 practice quiz 1

 Week 3 Chapter 12 Practice quiz 1

 Week 3 reflection summary

 Week 3 Discussion questions 1 and 2

 Week 3 Individual WileyPlus assignment as described below:



 Exercise E9-7

 Brainiac Company purchased a delivery truck for $30,000 on January 1, 2011. The truck has an expected salvage value of $2,000, and is expected to be driven 100,000 miles over its estimated useful life of 8 years. Actual miles driven were 15,000 in 2011 and 12,000 in 2012.

 Exercise E10-5

 Don Walls's gross earnings for the week were $1,780, his federal income tax withholding was $301.63, and his FICA total was $135.73.

 Exercise E10-10

 On January 1, Neuer Company issued $500,000, 10%, 10-year bonds at par. Interest is payable semiannually on July 1 and January 1

 Exercise E10-11

 On January 1, Flory Company issued $300,000, 8%, 5-year bonds at face value. Interest is payable semiannually on July 1 and January 1

 Exercise E10-15

 Leoni Co. receives $240,000 when it issues a $240,000, 10%, mortgage note payable to finance the construction of a building at December 31, 2011. The terms provide for semiannual insta

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