Chapter 13 Practice Materials.docx
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Chapter 13 Practice Materials.docx
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Chapter13PracticeMaterials
Chapter13—Corporations:
Organization,CapitalStockTransactions,andDividends
MULTIPLECHOICE
1.Whichofthefollowingisnotcharacteristicofacorporation?
a.
Thefinanciallossthatastockholdermaysufferfromowningstockinapubliccompanyislimited.
b.
Cashdividendspaidbyacorporationaredeductible(可减免的)asexpensesbythecorporation.
c.
Acorporationcanownpropertyinitsname.
d.
Corporationsarerequiredtofilefederalincometax returns.
ANS:
BDIF:
EasyOBJ:
13-01
NAT:
AACSBAnalytic|AICPABB-Legal
2.Characteristicsofacorporationinclude
a.
shareholderswhoaremutualagents
b.
directmanagementbytheshareholders(owners)
c.
itsinabilitytoownproperty
d.
shareholderswhohavelimitedliability
ANS:
DDIF:
EasyOBJ:
13-01
NAT:
AACSBAnalytic|AICPABB-Legal
3.Oneofthemaindisadvantagesofthecorporateformisthe
a.
professionalmanagement
b.
doubletaxationofdividends
c.
charter
d.
corporationmustissuestock
ANS:
BDIF:
EasyOBJ:
13-01
NAT:
AACSBAnalytic|AICPABB-Industry
4.Adisadvantageofthecorporateformofbusinessentityis
a.
mutualagencyforstockholders
b.
unlimitedliabilityforstockholders
c.
corporationsaresubjecttomoregovernmentalregulations
d.
theeaseoftransferofownership
ANS:
CDIF:
EasyOBJ:
13-01
NAT:
AACSBAnalytic|AICPABB-Industry
5.Underthecorporateformofbusinessorganization
a.
ownershiprightsareeasilytransferred.
b.
astockholderispersonallyliableforthedebtsofthecorporation.
c.
stockholders’actscanbindthecorporationeventhoughthestockholdershavenotbeenappointedasagentsofthecorporation.
d.
stockholderswishingtoselltheircorporationsharesmustgettheapprovalofotherstockholders.
ANS:
ADIF:
EasyOBJ:
13-01
NAT:
AACSBAnalytic|AICPABB-Legal
6.Thosemostresponsibleforthemajorpolicydecisionsofacorporationarethe
a.
management.
b.
Board(董事会)ofdirectors.
c.
employees.
d.
stockholders.
ANS:
BDIF:
EasyOBJ:
13-01
NAT:
AACSBAnalytic|AICPABB-Industry
7.Whichoneofthefollowingwouldnotbeconsideredanadvantageofthecorporateformoforganization?
a.
Governmentregulation
b.
Separatelegalexistence
c.
Continuouslife
d.
Limitedliabilityofstockholders
ANS:
ADIF:
EasyOBJ:
13-01
NAT:
AACSBAnalytic|AICPABB-Legal
8.Whichofthefollowingisnottrueofacorporation?
a.
Itmayenterintobindinglegalcontractsinitsownname.
b.
Itmaysueandbesued.
c.
Theactsofitsownersbindthecorporation.
d.
Itmaybuy,own,andsellproperty.
ANS:
CDIF:
EasyOBJ:
13-01
NAT:
AACSBAnalytic|AICPABB-Legal
9.Theabilityofacorporationtoobtaincapitalis
a.
lessthanapartnership.
b.
aboutthesameasapartnership.
c.
restrictedbecauseofthelimitedlifeofthecorporation.
d.
enhancedbecauseoflimitedliabilityandeaseofsharetransferability.
ANS:
DDIF:
EasyOBJ:
13-01
NAT:
AACSBAnalytic|AICPABB-Industry
10.Whichofthefollowingstatementsconcerningtaxationisaccurate?
a.
Corporationspayfederalincometaxesbutnotstateincometaxes.
b.
Corporationspayfederalandstateincometaxes.
c.
Onlytheownersmustpaytaxesoncorporateincome.
d.
Corporationspayincometaxesbuttheirownersdonot.
ANS:
BDIF:
EasyOBJ:
13-01
NAT:
AACSBAnalytic|AICPABB-Legal
11.Thetermdeficitisusedtorefertoadebitbalanceinwhichofthefollowingaccountsofacorporation?
a.
RetainedEarnings
b.
TreasuryStock
c.
OrganizationalExpenses
d.
CommonStock
ANS:
ADIF:
EasyOBJ:
13-02
NAT:
AACSBAnalytic|AICPAFN-Measurement
12.Stockholders'equity
a.
isusuallyequaltocashonhand
b.
includespaid-incapitalandliabilities
c.
includesretainedearningsandpaid-incapital
d.
isshownontheincomestatement
ANS:
CDIF:
EasyOBJ:
13-02
NAT:
AACSBAnalytic|AICPAFN-Measurement
13.Thetwowaysthatacorporationcanbeclassifiedbyownershipare
a.
stockandnon-stock.
b.
insideandoutside.
c.
majorityandminority.
d.
forprofitornot-for-profit.
ANS:
DDIF:
EasyOBJ:
13-02
NAT:
AACSBAnalytic|AICPABB-Legal
14.Thestatecharterallowsacorporationtoissueonlyacertainnumberofsharesofeachclassofstock.Thisamountofstockiscalled
a.
treasurystock
b.
issuedstock
c.
outstandingstock
d.
authorizedstock
ANS:
DDIF:
EasyOBJ:
13-03
NAT:
AACSBAnalytic|AICPABB-Legal
15.Whichofthefollowingisnotarightpossessedbycommonstockholdersofacorporation?
a.
therighttovoteintheelectionoftheboardofdirectors
b.
therighttoreceiveaminimumamountofdividends
c.
therighttoselltheirstocktoanyonetheychoose
d.
therighttoshareinassetsuponliquidation
ANS:
BDIF:
EasyOBJ:
13-03
NAT:
AACSBAnalytic|AICPABB-Legal
16.Thecharterofacorporationprovidesfortheissuanceof100,000sharesofcommonstock.Assumethat40,000shareswereoriginallyissuedand5,000weresubsequentlyreacquired(再获得).Whatisthenumberofsharesoutstanding?
a.
5,000
b.
35,000
c.
45,000
d.
55,000
ANS:
BDIF:
EasyOBJ:
13-03
NAT:
AACSBAnalytic|AICPAFN-Measurement
17.Theparvaluepershareofcommonstockrepresents
a.
theminimumsellingpriceofthestockestablishedbythearticlesofincorporation.
b.
theminimumamountthestockholderwillreceivewhenthecorporationisliquidated
c.
anarbitrary(任意的)amountestablishedinthearticlesofincorporation
d.
theamountofdividendspersharetobereceivedeachyear
ANS:
CDIF:
EasyOBJ:
13-03
NAT:
AACSBAnalytic|AICPAFN-Measurement
18.Thepriceatwhichastockcanbesolddependsuponanumberoffactors.Whichstatementbelowisnotoneofthosefactors?
a.
thefinancialcondition,earningsrecord,anddividendrecordofthecorporation
b.
investorexpectationsofthecorporation'searningpower
c.
howhightheparvalue
d.
generalbusinessandeconomicconditionsandprospects
ANS:
CDIF:
EasyOBJ:
13-03
NAT:
AACSBAnalytic|AICPAFN-Measurement
19.Whichofthefollowingaccountsbelowisreportedinthepaid-incapital/stockholders'equitysectionofthecorporatebalancesheet?
a.
Cash
b.
StockDividends
c.
OrganizationalExpenses
d.
PreferredStock
ANS:
DDIF:
EasyOBJ:
13-03
NAT:
AACSBAnalytic|AICPAFN-Measurement
20.Acorporationissues2,000sharesofcommonstockfor$32,000.Thestockhasastatedvalueof$10pershare.ThejournalentrytorecordthestockissuancewouldincludeacredittoCommonStockfor
a.
$20,000
b.
$32,000
c.
$12,000
d.
$2,000
ANS:
ADIF:
EasyOBJ:
13-03
NAT:
AACSBAnalytic|AICPAFN-Measurement
21.Theexcessofissuepriceoverparofcommonstockistermeda(n)
a.
discount
b.
income
c.
deficit
d.
premium
ANS:
DDIF:
EasyOBJ:
13-03
NAT:
AACSBAnalytic|AICPAFN-Measurement
22.Theentrytorecordtheissuanceof150sharesof$5parcommonstockatpartoanattorneyinpaymentoflegalfeesfororganizingthecorporationincludesacreditto
a.
OrganizationalExpenses
b.
Goodwill
c.
CommonStock
d.
Cash
ANS:
CDIF:
EasyOBJ:
13-03
NAT:
AACSBAnalytic|AICPAFN-Measurement
23.Theentrytorecordtheissuanceofcommonstockatapriceaboveparincludesadebitto
a.
OrganizationalExpenses
b.
CommonStock
c.
Cash
d.
Paid-InCapitalinExcessofPar-CommonStock
ANS:
CDIF:
EasyOBJ:
13-03
NAT:
AACSBAnalytic|AICPAFN-Measurement
24.Whencommonstockisissuedinexchangeforanoncashasset,thetransactionshouldberecordedat
a.
theparvalueofthestockissued
b.
thefairmarketvalueofthestock
c.
thefairmarketvalueoftheassetacquired
d.
thefairmarketvalueoftheassetacquiredorthefairmarketvalueofthestock,whichevercanbedeterminedmoreobjectively(客观地).
ANS:
DDIF:
EasyOBJ:
13-03
NAT:
AACSBAnalytic|AICPAFN-Measurement
25.HurdCompanyacquiredabuildingvaluedat$160,000forpropertytaxpurposesinexchangefor10,000sharesofits$5parcommonstock.Thestockiswidelytradedandsellingfor$15pershare.AtwhatamountshouldthebuildingberecordedbyHurdCompany?
a.
$50,000
b.
$150,000
c.
$160,000
d.
$200,000
ANS:
BDIF:
EasyOBJ:
13-03
NAT:
AACSBAnalytic|AICPAFN-Measurement
26.Thecharterofacorporationprovidesfortheissuanceof100,000sharesofcommonstock.Assumethat50,000shareswereoriginallyissuedand10,000weresubsequentlyreacquired.Whatisthenumberofsharesoutstanding?
a.
10,000
b.
40,000
c.
50,000
d.
60,000
ANS:
BDIF:
EasyOBJ:
13-03
NAT:
AACSBAnalytic|AICPAFN-Measurement
27.Parvalue
a.
isthemonetary(货币的)valueassignedpershareinthecorporatecharter(公司执照).
b.
representswhatashareofstockisworth.
c.
representstheoriginalsellingpriceforashareofstock.
d.
isestablishedforashareofstockafteritisissued.
ANS:
ADIF:
EasyOBJ:
13-03
NAT:
AACSBAnalytic|AICPAFN-Measurement
28.Theauthorizedstockofacorporation
a.
mustberecordedinaformalaccountingentry.
b.
onlyreflectstheinitialcapitalneedsofthecompany.
c.
isindicatedinitsby-laws.
d.
isindicatedinitscharter.
ANS:
DDIF:
EasyOBJ:
13-03
NAT:
AACSBAnalytic|AICPABB-Legal
29.IfLargerCompanyissues1,000sharesof$5parvaluecommonstockfor$70,000,theaccount
a.
CommonStockwillbecreditedfor$70,000.
b.
Paid-inCapitalinexcessofParValuewillbecreditedfor$5,000.
c.
Paid-inCapitalinexcessofParValuewillbecreditedfor$65,000.
d.
Cashwillbedebitedfor$65,000.
ANS:
CDIF:
ModerateOBJ:
13-03
NAT:
AACSBAnalytic|AICPAFN-Measurement
30.Ifcommonsto
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