These are all multiple choice questions. I need your help, and I need them for tonight….
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Question “These are all multiple choice questions. I need your help, and I need them for tonight….”
These are all multiple choice questions. I need your help, and
I need them for tonight. Please… Thank you ?
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Multiple Choice Question 136 When admitting a new partner by investment, a bonus to old partners is sometimes justified because goodwill may exist and it is not reflected in the accounts. is usually unjustified because book values clearly reflect partnership net worth. results if the debit to cash is equal to the new partner’s capital credit. results if the debit to cash is less than the new partner’s capital credit. O
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Multiple Choice Question 153 Which of the following statements is correct? Neither salaries to partners nor interest on partners’ capital are expenses of the partnership. Salaries to partners and interest on partners’ capital are expenses of the partnership. Interest on partners’ capital is an expense of the partnership but not salaries to partners. Salaries to partners are expenses of the partnership but not interest on partners’ capital.
Multiple Choice Question 48 In a partnership, mutual agency means that partners must pay taxes on a mutual or combined basis. each partner acts on his own behalf when engaging in partnership business an act by a partner is judged as binding on other partners depending on whether the act appears to be appropriate for the partnership the act of any partner is binding on all other partners, only if partners act within their scope of authority
Multiple Choice Question 105 When preferred stock is cumulative, preferred dividends not declared in a period are called dividends in arrears. considered a liability. distributions of earnings. never paid.
Multiple Choice Question 106 Which of the following is not a right or preference associated with preferred stock? O Preference to corporate assets in case of liquidation To receive dividends in arrears before common stockholders receive dividends 0 First claim to dividends The right to vote
Multiple Choice Question 117 The acquisition of treasury stock by a corporation O requires that a gain or loss be recognized on the income statement. decreases its total assets and total stockholders’ equity. O has no effect on total assets and total stockholders’ equity. increases its total assets and total stockholders’ equity.
Multiple Choice Question 122 Treasury Stock is an) contra asset account. retained earnings account. contra stockholders’ equity account. asset account.
Multiple Choice Question 135 Information that is not generally reported for each class of stock on the balance sheet is shares authorized the market value. the par value. shares issued.
Multiple Choice Question 55 The ability of a corporation to obtain capital is enhanced because of limited liability and ease of share transferability less than a partnership. restricted because of the limited life of the corporation about the same as a partnership.
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Multiple Choice Question 33 Which one of the following is not necessary in order for a corporation to pay a cash dividend? Declaration of dividends by the board of directors Retained earnings Adequate cash Approval of stockholders
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Multiple Choice Question 51 Dividends Payable is classified as a current liability. stockholders’ equity account. long-term liability. contra stockholders’ equity account to Retained Earnings.
Answer
Answers:
130. d. This transaction is between the buyer and the selling partner.
Sometimes, 136.a. can be justified as goodwill might exist but it is not included in the accounts.
137. b. The basis of income ratios prior to the admission of a new partner.
153. a. The partnership does not incur expenses for the salaries of partners or the interest on the capital of partners.
48 . 48
105. a is also known as dividends in arrears.
106. d The right to vote
117. b. A decrease in total assets, and total shareholders’ equity.
122. c. Contra shareholders equity account
135. b.market Value
55 . a. Increased due to the ease of transferability and limited liability
125. c. declaration date
33 . 33
49.c No entry required
51 .a. current liability.
Conclusion
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