Answer these questions
10:02 8 092 5.3 Quiz: Reading V Comprehension 5.3 Quiz: Reading Comprehension X Est. Length: 2:00:00 Ann Coffey: Attempt 1 Question 1 (2 points) Saved () Listen Which of the following would be a disadvantage to a company being formed as a sole proprietorship? a) Double taxation. b) Unlimited liability. c) Ease of formation. ( d) All the above. Question ? (? nointel Do Reflect in ePortfolio Download Print Open with docReader O10:03 8 0 . 5.3 Quiz: Reading V Comprehension 5.3 Quiz: Reading Comprehension X Est. Length: 2:00:00 Ann Coffey: Attempt 1 Listen Sheriff Woody Corporation shows a total of $800,000 in its common stock account and $1,600,000 in its paid-in capital in excess of par value - common stock account. The par value of Flagler's common stock is $6. How many shares of Flagler stock have been issued? a) 133,333. (b) 400,000. c) 150, 500. d) None of the above. Do Reflect in ePortfolio Download Print Open with docReader O10:03 8 0 . 5.3 Quiz: Reading V Comprehension 5.3 Quiz: Reading Comprehension X Est. Length: 2:00:00 Ann Coffey: Attempt 1 Question 5 (2 points) () Listen A corporation is created by registering your business name, while appointing a board of directors and filing articles of incorporation. O a ) True O b) False Question 6 (2 points) () Listen The statement of stockholders' equity includes information about: (a) Reginning entity account halances Do Reflect in ePortfolio Download Print Open with docReader O10:04 80 . 5.3 Quiz: Reading V Comprehension 5.3 Quiz: Reading Comprehension X Est. Length: 2:00:00 Ann Coffey: Attempt 1 Question 6 (2 points) Listen The statement of stockholders' equity includes information about: a) Beginning equity account balances. b) Ending equity account balances. c) Dividends. d) All of the above. e) None of these. Auction 7/0 nintel Do Reflect in ePortfolio Download Print Open with docReader O10:04 8 5.3 Quiz: Reading V Comprehension 5.3 Quiz: Reading Comprehension X Est. Length: 2:00:00 Ann Coffey: Attempt 1 Question 7 (2 points) () Listen Because of the limited liability feature, stockholders may be held liable for the debts of the business. a) True ( b) False Question 8 (2 points) Listen The par value of a company's stock: a) dictates the initial price of the stock. Do Reflect in ePortfolio Download Print Open with docReader O102045 9 8 ' 'G'alli 5.3 Quiz: Reading - Comprehension > 5.3 Quiz: Reading Comprehension X Est. Length: 2:00:00 Ann Coffey: Attempt 1 Question 8 (2 points) The par value of a company's stock: 0 a) dictates the initial price of the stock. 0 b) may be revised each time a company issues more shares of stock. 0 C) is generally greater than market value. 0 d) has little connection to the market value of the stock. Question 9 (2 points) 3". Reflect in ePortfolio ('5 Download a Print E; Open with docReader Ill 0 5.3 Quiz: Reading Comprehension X Est. Length: 2:00:00 Ann Coffey: Attempt 1 Question 9 (2 points) Treasury stock transactions typical produce losses in the income statement, but not gains. 0 a) True 0 b) False Question 10 (2 points) 4)) Listen ' b When the common stock account is disclosed on the balance sheet, it is reported at: O a) current market value. 3". Reflect in ePortfolio ('5 Download a Print E; Open with docReader Ill 0 5.3 Quiz: Reading Comprehension X Est. Length: 2:00:00 Ann Coffey: Attempt 1 Question 12 (2 points) 4)) Listen l } Which of the following statements is true? 0 a) Preemptive rights make it easy for a corporation to issue additional shares. 0 b) A corporate entity is typically of unlimited duration. 0 c) One purpose of a corporation is to avoid "double taxation." 0 d) A corporation can issue common or preferred stock, but not both. 0 e) None of these. Question 13 (2 points) 3". Reflect in ePortfolio ('5 Download a Print E; Open with docReader Ill 0 5.3 Quiz: Reading Comprehension X Est. Length: 2:00:00 Ann Coffey: Attempt 1 Question 13 (2 points) 4)) Listen l > Andy Corporation issues 5,000 shares of $10 par value common stock for $12 cash per share. The entry to record this transaction includes: 0 a) A debit to Paid-ln-Capital in Excess of Par Value for $12,000. 0 b) A credit to cash for $60,000. 0 C) A credit to Common Stock for $50,000. 0 d) None of the above. 3". Reflect in ePortfolio ('5 Download a Print E; Open with docReader Ill 0 5.3 Quiz: Reading Comprehension X Est. Length: 2:00:00 Ann Coffey: Attempt 1 Question 15 (2 points) 4)) Listen ' b When completing financial statement analysis for Buzz Lightyear Corporation, which of the following are forms of comparison: 0 a) Comparing changes in the same item over a number of periods. 0 b) Comparing key relationships within the same year. O c) Comparing key items to industry averages. Q d) All of these answers are correct. Question 16 (2 points) 3". Reflect in ePortfolio ('5 Download a Print E; Open with docReader Ill 0 5.3 Quiz: Reading Comprehension X Est. Length: 2:00:00 Ann Coffey: Attempt 1 Question 20 (2 points) 4)) Listen ' > Which of the following is NOT an advantageous feature of the corporate form of organization? 0 a) Limited liability. O b) Perpetual existence. 0 C) Transferability of ownership. 0 d) Double Taxation 3". Reflect in ePortfolio ('5 Download a Print E; Open with docReader Ill 0 <
