Q5- Which of the following significant dates for cash dividends doesn't require an accounting entry? a) Declaration date. b) Date of record. c) Payment date. d) Both (A) nor (C) require an accounting entry.

Q6- Regarding common stock, the ______ is an arbitrary amount assigned to each share of stock when it is authorized: a) Market value. b) Outstanding value. c) Book value. d) Par value.

Q7- A class of stock that is usually non-voting but has preferential claims to dividends over common stock is: a) Common stock. b) Treasury stock. c) Preferred stock. d) Employee stock.

Q8- Which of the following statements about Treasury stock is TRUE? a) Treasury stock is a contra-equity account. b) Treasury stock is increased with a debit entry. c) Treasury stock is reported on the Balance Sheet. d)All the above are TRUE.