Accounting II Chapter 12: Question Preview (ID: 29467)


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Treasury Stock is a contra account to a(n)
a) Asset b) Liability c) Stockholders Equity d) Revenue
The balance for Paid-In Capital in Excess of Par Value-Preferred is
a) Debit b) Credit c) d)
The balance for Paid-In Capital in Excess of State Value-Common is
a) Debit b) Credit c) d)
A corporation's own stock that has been issued and reacquired is
a) Capital Stock - Preferred b) Capitals Stock - Common c) Treasury Stock d)
Discount on Sale of Preferred Stock is a contra to a(n)
a) Asset b) Liability c) Stockholders' Equity d) Revenue
The balance for the account Discount on Sale of Preferred Stock is
a) Debit b) Credit c) d)
A corporation usually sells all the bonds in a bond issue to one bank.
a) True b) False c) d)
Preferred and Common stock are always issued for cash.
a) True b) False c) d)
When a corporation buys treasury stock, the number of shares outstanding decreases.
a) True b) False c) d)
Investors pay the current market price of the corporation's stock when they buy treasury stock.
a) True b) False c) d)
When there is a 'no par' value stock, the amount credited to Capital Stock is
a) par value less the discount b) amount stated on the stock c) stated par value of the stock d) the total amount of cash received
Businesses that issue a bond keep a ledger to keep track of the interest that is paid to the different bond holders.
a) True b) False c) d)
There are voting rights with Treasury Stock holders.
a) True b) False c) d)
Bonds Payable is classified as a(n)
a) Asset b) Liability c) Stockholders' Equity d) Revenue
Bond Sinking Fund is classified as a(n)
a) Asset b) Liabililty c) Stockholders' Equity d) Revenue
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