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Devry ACCT 212 Week 6 Quiz

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Devry ACCT 212 Week 6 Quiz

Question 1. (TCO 7) Stockholders of a corporation directly elect the

  • board of directors.
  • president of the corporation.
  • chief financial officer of the corporation
  • chairperson of the board.

Question 2. (TCO 7) Which one of the following is not a stockholder’s right of ownership in a corporation?

  • To vote and elect the board of directors
  • To receive a proportionate share of the assets upon liquidation
  • To maintain one’s proportional share of ownership in the corporation
  • To declare dividends

Question 3. (TCO 7) The difference between the issue price of the stock and the par value of the stock is

  • market value.
  • par value.
  • additional paid-in capital.
  • preferred stock.

Question 4. (TCO 7) Stock that a corporation purchases from shareholders is called

  • treasury stock.
  • authorized stock.
  • issued stock.
  • outstanding stock.

Question 5. (TCO 7) The effect of the declaration of a cash dividend is a(n)

  • increase to liabilities and a decrease to stockholders’ equity.
  • increase to liabilities and a decrease to assets.
  • increase to assets and a decrease to liabilities.
  • increase to stockholders’ equity and a decrease to assets.

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Question 6. (TCO 7) Book value per share of common stock is computed by dividing

  • total paid-in capital by the number of common shares of stock issued.
  • total paid-in capital by the number of common shares of stock outstanding.
  • total stockholders’ equity by the number of common shares of stock issued.
  • total stockholders’ equity by the number of common shares of stock outstanding.

Question 7. (TCO 1) The main purpose of the statement of cash flows is to

  • provide information about the cash receipts and cash payments during a period.
  • provide information about the investing and financing activities during a period.
  • prove that revenues exceed expenses if there is a net income.
  • assist banking relationships.

Question 8. (TCO 1) The statement of cash flows will not report

  • the number of checks not written at the end of the period.
  • how cash was used in the current period.
  • changes in the cash balance for the current period.
  • the sources of cash in the current period.

Question 9. (TCO 1) The three types of activities reported on the statement of cash flows are

  • operating, investments, and financing.
  • operating, investing, and free flow.
  • operating, investing, and financing.
  • operating, indirect, and direct.

Question 10. (TCO 1) Financing activities involve

  • issuing debt.
  • acquiring long-term assets.
  • lending money.
  • acquiring investments.