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1.

Which
one of the following would not be considered an advantage of the
corporate form of organization?

A)

Limited
liability of owners

B)

Separate
legal existence

C)

Continuous
life

D)

Government
regulation

2.

The
par value of a stock

A)

is
legally significant.

B)

reflects
the most recent market price.

C)

is
selected by the SEC.

D)

is
indicative of the worth of the stock.

3.

A
separate paid-in capital account is used to record each of the following except
the issuance of

A)

no-par
stock.

B)

par
value stock.

C)

stated
value stock.

D)

treasury
stock above cost.

4.

Paid-In
Capital in Excess of Stated Value

A)

is
credited when no-par stock does not have a stated value.

B)

is
reported as part of paid-in capital on the balance sheet.

C)

represents
the amount of legal capital.

D)

normally
has a debit balance.

5.

The
_______________ feature of preferred stock gives the preferred stockholders
the right to receive current-year dividends and unpaid prior-year dividends
before common stockholders receive any dividends.

6.

In
the financial statements, organization costs appears

A)

immediately
below Retained Earnings in the stockholders’ equity section.

B)

in
the income statement.

C)

as
part of paid-in capital in the stockholders’ equity section.

D)

as
an intangible asset.

7.

In
published annual reports

A)

subdivisions
within the stockholders’ equity section are routinely reported in detail.

B)

capital
surplus is used in place of retained earnings.

C)

the
individual sources of additional paid-in capital are often combined.

D)

retained
earnings is often not shown separately.

8.

If
stock is issued in exchange for noncash assets, the assets should be valued
at the ____________________ of the consideration ___________________ or the
assets ____________________, whichever is more clearly evident.

9.

Beckham
Company has 1,000 shares of 6%, $100 par cumulative preferred stock
outstanding at December 31, 2010. No dividends have been paid on this stock
for 2009 or 2010. Dividends in arrears at December 31, 2010 total

A)

$0.

B)

$600.

C)

$6,000.

D)

$12,000.

10.

Renner
Corporation’s December 31, 2010 balance sheet showed the following:

8% preferred stock, $20 par
value, cumulative, 20,000 shares

authorized; 15,000 shares
issued

$ 300,000

Common stock, $10 par value,
2,000,000 shares authorized;

1,950,000 shares issued,
1,930,000 shares outstanding

19,500,000

Paid-in capital in excess of
par value preferred stock

60,000

Paid-in capital in excess of
par value common stock

27,000,000

Retained earnings

7,650,000

Treasury stock (20,000
shares)

630,000

Renner’s
total stockholders’ equity was

A)

$55,140,000.

B)

$46,860,000.

C)

$54,510,000.

D)

$53,880,000.

1.Which
one of the following would not be considered an advantage of the
corporate form of organization?A)Limited
liability of ownersB)Separate
legal existenceC)Continuous
lifeD)Government
regulation2.The
par value of a stockA)is
legally significant.B)reflects
the most recent market price.C)is
selected by the SEC.D)is
indicative of the worth of the stock.3.A
separate paid-in capital account is used to record each of the following except
the issuance ofA)no-par
stock.B)par
value stock.C)stated
value stock.D)treasury
stock above cost.4.Paid-In
Capital in Excess of Stated ValueA)is
credited when no-par stock does not have a stated value.B)is
reported as part of paid-in capital on the balance sheet.C)represents
the amount of legal capital.D)normally
has a debit balance.5.The
_______________ feature of preferred stock gives the preferred stockholders
the right to receive current-year dividends and unpaid prior-year dividends
before common stockholders receive any dividends.6.In
the financial statements, organization costs appearsA)immediately
below Retained Earnings in the stockholders’ equity section.B)in
the income statement.C)as
part of paid-in capital in the stockholders’ equity section.D)as
an intangible asset.7.In
published annual reportsA)subdivisions
within the stockholders’ equity section are routinely reported in detail.B)capital
surplus is used in place of retained earnings.C)the
individual sources of additional paid-in capital are often combined.D)retained
earnings is often not shown separately.8.If
stock is issued in exchange for noncash assets, the assets should be valued
at the ____________________ of the consideration ___________________ or the
assets ____________________, whichever is more clearly evident.9.Beckham
Company has 1,000 shares of 6%, $100 par cumulative preferred stock
outstanding at December 31, 2010. No dividends have been paid on this stock
for 2009 or 2010. Dividends in arrears at December 31, 2010 totalA)$0.B)$600.C)$6,000.D)$12,000.10.Renner
Corporation’s December 31, 2010 balance sheet showed the following:8% preferred stock, $20 par
value, cumulative, 20,000 sharesauthorized; 15,000 shares
issued$ 300,000Common stock, $10 par value,
2,000,000 shares authorized;1,950,000 shares issued,
1,930,000 shares outstanding19,500,000Paid-in capital in excess of
par value preferred stock60,000Paid-in capital in excess of
par value common stock27,000,000Retained earnings7,650,000Treasury stock (20,000
shares)630,000Renner’s
total stockholders’ equity wasA)$55,140,000.B)$46,860,000.C)$54,510,000.D)$53,880,000.

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