QUESTION 1 Stock shares currently owned by someone other than the issuing corporation are called A outstanding shares B. issued shares C.treasury shares D.authorized shares QUESTION 2 The number of shares a state gives a corporation permission to sell are called A issued shares B.treasury shares Coutstanding shares D.authorized shares QUESTION 3 When closing Income Summary (net income) for a corporation, what account is debited? A. Common Stock B. Treasury Stock C-Income Summary D. Retained Earnings QUESTION 4 When you sell 100 shares of $10 Par Value Common Stock for $12 per share, which accounts are credited? A. Cash and Common Stock B. Common Stock and Paid-In Capital on Common Stock C. Common Stock and Treasury Stock D. Cash and Paid-In-Capital on Common Stock QUESTION 5 What account is debited when you declare a cash dividend? A Cash B. Dividends Payable C. Retained Earnings D. Treasury Stock QUESTION 6 You buy 100 shares of Treasury Stock for $10 per share. Which account is debited? A. Retained Earnings B. Cash C. Paid-In-Capital on Treasury Stock D. Treasury Stock QUESTION 7 The stock in #6 is resold for $12 per share. The account Treasury Stock is A debited for $1,000 B. debited for $1,200. C.credited for $1,200. D.credited for $1,000 QUESTION 8 In the transaction in #7, Paid-In-Capital on Treasury Stock is A. credited for $200 B. debited for $200 C.debited for $1,200 D. credited for $1,200