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ACC/291 Week 4 Practice Quiz

ACC/291 Week 4 Practice Quiz

ACC/291 Week 4 Practice Quiz

Practice Question 01

  1. The stockholders of a corporation have unlimited liability.

True
False

Practice Question 05

  1. Which of the following is a disadvantage of the corporate business form?

Easy acquisition of capital
Continuous life
No income taxes
Government regulation

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Practice Question 10

  1. If a corporation issues 1,000 shares of $3 par common stock for $7 a share, how much is the legal capital?

$7,000
$3,000
$4,000
$0

Practice Question 20

  1. For what reason might a company acquire treasury stock?

To reissue the shares to officers and employees under bonus and stock compensation plans
To increase profit
To increase the number of shares of stock outstanding
To signal to the stock market that management believes the stock is overpriced

Practice Question 30

  1. Which one of the following is not a right of preferred stockholders?

Priority to the assets in the event of liquidation
Priority to dividends and assets in liquidation.
Priority in relation to dividends
Priority voting rights

Practice Question 59

  1. If everything else is held constant, what will cause earnings per share to increase?

The payment of a cash dividend to common stockholders
The payment of a cash dividend to preferred stockholders
The purchase of treasury stock
The issuance of new shares common stock

Practice Question 56

  1. Which of the following does not increase the return on common stockholders’ equity?

An increase in the return on assets ratio
An increase in the company’s stock price
An increase in the use of debt financing
An increase in the company’s net income

Practice Question 60

  1. When a stock dividend is declared, which of the following accounts is debited?

Common Stock
Stock Dividends
Common Stock Dividends Distributable
Paid-in Capital in Excess of Par Value

Practice Question 55

  1. Jaylo Inc. had net income of $500,000, net sales of $10,000,000 and paid cash dividends of $200,000 to the common stockholders. How much is Jaylo’s payout ratio?

 4%
40%
2%
20%

Practice Question 54

  1. Consider the following data for a corporation:

Net income $800,000
Preferred stock dividends $50,000
Market price per share of stock $25
Average common stockholders’ equity $4,000,000
Cash dividends declared on common stock $20,000

What is the return on common stockholders’ equity?

18.75%
20.00%
19.50%
21.25%

Course: ACC291 Principles Of Accounting II
School: University of Phoenix

  • : 11/02/2018
  • : 5

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