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WorksheetsIntroduction to Corporation
Total questions: 16
Worksheet time: 8mins
What is the characteristics of corporations?
unlimited liability
no mutual agency
tax were imposed on owner's personal income only
Who will be running the business in corporation?
owners
shareholders
board of directors
officers
What is Memorandum of Association?
document that governs the relationship between the company and outsider
fees that incurred in order to form a corporation
set of rules for internal company management
certain percentage of corporation tax
Which is true about public companies?
2-50 members
shares can only be offered to certain group of people
shares can be offered publicly
directors of a corporation are paid ____ as compensation for their services
audit fees
Preference shares
Directors’ remuneration
share premium
Interest of debentures will appear in the?
SOFP- non-current liabilities
SOFP- Reserves
SOPL- Appropriations
SOPL- Expenses
when shares are issued at a price above the par value, the excess amount is known as____
Share premium
Share capital
Issued shares is 30,000@RM1, Unissued shares is 50,000 @RM1, then how much is the authorized shares (RM)?
no need to put RM
(a)
During liquidation, the ___ shareholders will be the last to receive their assets and the repayment of the amount invested.
Preference
Ordinary
The journal entry to record the revaluation reserves is as:
Dr revaluation reserve
Cr non-current assets
Dr current assets
Cr revaluation reserves
Dr non-current liabilities
Cr revaluation reserves
Dr non-current assets
Cr revaluation reserves
The differences between the current value of non-current assets and its original value is called?
Share premium
Retained earnings
Revaluation reserves
Corporation tax
Choose the correct example for capital reserves
General reserve
Retained earnings
Share premium
Authorised shares
A company need to pay taxes
at accounting period
before accounting period
after accounting period
what is interim dividends?
a final dividend that normally an amount payable of the financial year
percentage of profit that is declared and paid to shareholders during a year
a percentage of profit that is proposed by board of director and approved by the shareholders at company's annual general meeting to be paid out as final dividend to shareholders.
Taxes can be categorized as
revenue to company
capital to company
expenses to company
asset to company
What are items in appropriation section in SOPL?
taxes
net income after taxes
net sales
dividend interim
