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Accounting II Chapter 12
Test Description: Review
Instructions: Answer all questions to get your test result.
1) Treasury Stock is a contra account to a(n)
A
Revenue
B
Asset
C
Liability
D
Stockholders Equity
2) The balance for Paid-In Capital in Excess of Par Value-Preferred is
A
Credit
B
Debit
3) The balance for Paid-In Capital in Excess of State Value-Common is
A
Credit
B
Debit
4) A corporation's own stock that has been issued and reacquired is
A
Capitals Stock - Common
B
Capital Stock - Preferred
C
Treasury Stock
5) Discount on Sale of Preferred Stock is a contra to a(n)
A
Revenue
B
Asset
C
Stockholders' Equity
D
Liability
6) The balance for the account Discount on Sale of Preferred Stock is
A
Credit
B
Debit
7) A corporation usually sells all the bonds in a bond issue to one bank.
A
False
B
True
8) Preferred and Common stock are always issued for cash.
A
True
B
False
9) When a corporation buys treasury stock, the number of shares outstanding decreases.
A
True
B
False
10) Investors pay the current market price of the corporation's stock when they buy treasury stock.
A
True
B
False
11) When there is a 'no par' value stock, the amount credited to Capital Stock is
A
the total amount of cash received
B
amount stated on the stock
C
stated par value of the stock
D
par value less the discount
12) Businesses that issue a bond keep a ledger to keep track of the interest that is paid to the different bond holders.
A
False
B
True
13) There are voting rights with Treasury Stock holders.
A
False
B
True
14) Bonds Payable is classified as a(n)
A
Revenue
B
Asset
C
Stockholders' Equity
D
Liability
15) Bond Sinking Fund is classified as a(n)
A
Stockholders' Equity
B
Revenue
C
Asset
D
Liabililty
*select an answer for all questions
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