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Chapter 13

Quiz by Julie Morris

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10 questions
Show answers
  • Q1
    All are advantages of the corporate entity formation except
    Can raise more money than sole proprietorships and partnerships
    Ownership and management are often separated.
    Has an indefinite life
    Does not allow stockholders to bind the business to a contract; lack of mutual agency
    30s
  • Q2
    All are disadvantages of corporate entity formation except
    Makes transfer of ownership easy
    Start-up costs are higher than other business forms.
    Government regulation is expensive.
    Earnings of the corporation are subject to double taxation.
    30s
  • Q3
    The two basic sources of stockholders' equity are
    preferred and common
    assets and equity
    retained earnings and dividends
    paid-in capital and retained earnings
    30s
  • Q4
    Suppose Yummy Treats Bakery issues common stock in exchange for a building. Yummy Treats Bakery should record the building at
    its market value
    the par value of the stock given
    a value assigned by the board of directors
    its book value
    30s
  • Q5
    Does a cash dividend decrease retained earnings?
    Yes
    No
    30s
  • Q6
    What increases paid-in capital by the same amount that it decreases retained earnings?
    Stock split
    Stock Dividend
    Cash Dividend
    30s
  • Q7
    What decreases both total assets and total stockholders’ equity?
    Cash dividend
    Stock dividend
    Stock split
    30s
  • Q8
    Which one has effects on total stockholders’ equity?
    Stock split
    Cash dividend
    Stock dividend
    30s
  • Q9
    A company's own stock that it has issued and repurchased is called
    treasury stock
    issued stock
    outstanding stock
    dividend stock
    30s
  • Q10
    Which of the following is not included in continuing operations?
    Loss on the sale of equipment
    Interest revenue
    Salaries expense
    Gain on the sale on a segment of a business that has been discontinued
    30s

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