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1. Common stockholders of a business are said to be the residual owners. The term residual owner means that shareholders a. will receive a dividend every year in which the business earns a profit. b. have the rights to specific assets of the business. c. bear the ultimate risks and uncertainties and receive the benefits of ownership of the business. d. can negotiate individual contracts on behalf of the business. 2. At the date of the financial statements, the number of common stock shares issued would be greater than the number of common stock shares outstanding as a result of the a declaration of a stock split. b. declaration of a stock dividend. C. purchase of treasury stock. d. payment in full of subscribed stock. 3. Porter Corp. purchased its own common stock on January 1 for $20,000 and debited the treasury stock account for the purchase price. The stock was later sold for $12,000. The $8,000 difference between the cost and sales price should be recorded as a debit to a. additional paid-in capital on treasury stock from sales of the same class of stock, if any; otherwise, from retained earnings. b. additional paid-in capital on treasury stock, if any; otherwise from additional paid- in capital on common stock. C. retained earnings. d. net income. 4. What effect does the issuance of a 2-for-1 stock split have on each of the following? Par Value per Share Retained Earnings a. No effect No effect b. Increase No effect C. Decrease No effect Decrease Decrease 5. When computing diluted earnings per share, convertible securities are a. ignored. b. recognized only if they are dilutive. c. recognized only if they are antidilutive. d. recognized whether they are dilutive or antidilutive