Financial Statement Quiz

This account title is credited to represent shareholder's equity for contribution made in cash, property or service

• share capital

• subscribed share capital

• subscription receivable

• treasury share

the amount at which the issue price exceeds the par value is credited to

• gain on share capital

• share premium

• discount on share capital

• loss on share capital

Share of stock a corporation is allowed to issue

• subscribed shares

• treasury shares

• authorized shares

• issue shares

Filipinas Inc sold 100 shares of 100 par common stock for 120. in recording this transaction you should

• credit ordinary share capital 12,000

• credit ordinary share premium 12,000

• credit ordinary share capital 2,000 and ordinary share premium 10,000

• credit ordinary share capital 10,000 and ordinary share premium 2,000

When a par value common stock is exchanged for an asset such as building, the common stock should be credited at the

• par value

• appraised value of the asset

• at its book value

• at its original cost price

The International accounting standards are developed by

• Jamaican Institute Of Accountants

• American Standards Board

• International Accounting Standard Board

• Caribbean Accounting Board

Conceptual framework is often represented by:

• a visual or diagram

• An equation

• a painting

• a pdf

Which of the following is not a qualitative characteristic of financial statements?

• Materiality

• Comparability

• Understandability

• Relevance

They encompass the conventions, rules, and procedures necessary to define what accepted accounting practice is.

• Generally accepted accounting principles

• Accounting assumptions

• Qualitative characteristics

• Recognition principles

These are the attributes that make the information provided in financial statements useful to users.

• Quantitative objectives

• Qualitative characteristics

• Underlying Assumption

• Generally accepted accounting principles