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When stock is issued for legal services, the transaction is recorded by debiting Organization Expense for the
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[removed] |
book value of the stock. |
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stated value of the stock. |
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par value of the stock. |
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market value of the stock. |
A company would not acquire treasury stock
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in order to increase trading of the company’s stock. |
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in order to reissue shares to officers. |
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to have additional shares available to use in acquisitions of other companies. |
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as an asset investment. |
A corporate board of directors does not generally
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declare dividends. |
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select officers. |
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formulate operating policies. |
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execute policy. |
Treasury Stock is a(n)
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retained earnings account. |
| contra |
asset account. |
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contra stockholders’ equity account. |
Which one of the following events would not require a formal journal entry on a corporation’s books?
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$1 per share cash dividend |
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2 for 1 stock split |
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100% stock dividend |
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2% stock dividend |
The board of directors must assign a per share value to a stock dividend declared that is
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less than the par or stated value. |
| at least |
equal to the par or stated value. |
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greater than the par or stated value. |
Which of the following is an incorrect statement about a corporation?
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A corporation is subject to numerous state and federal regulations. |
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A corporation is an entity separate and distinct from its owners. |
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Creditors ordinarily have recourse only to corporate assets in satisfaction of their claims. |
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A corporation may be formed in writing, orally, or implied. |
