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WorksheetsACCTG 26_SHE Final Quiz
Total questions: 20
Worksheet time: 24mins
Refers to an artificial being formed under the law with express powers to its existence.
Sole Proprietorship
Partnership
Cooperative
Corporation
Which of the following is false concerning Accumulated Profit and Losses(Retained Earnings)?
It has a normal balance of debit
It represents the cumulative profit and losses
It decreases when dividends are declared
All of the choices is False
The following would affect the balance of APL
Dividends of records
Fundamental error
Date of payment
Date of incurrence
Treasury shares can be reissued
At cost
Below cost
Above cost
All of the choices
Which of the following is return on investment except-
Cash dividend
Property dividend
Liquidating dividend
Scrip dividend
Which of the following is not entitled to receive dividends
Treasury shares
Total shares issued and outstanding
Redeemable preference shares
All of the above
The following are part of APL except
Share premium
Dividend declaration
Net income
Fundamental error
Cash dividend declared and still unpaid is at the end of the period is considered as
current asset
non-current asset
current liability
share capital
Share premium has a normal balance of
debit
credit
deduction to share capital
additional to share capital
In dividends declaration, there are three dates to remember except
Date of record
Date of payment
Date of declaration
Date of incurrence
(3MIN)The Mac Corporation’s income statement and expense Summary and Accumulated Profits and Losses Accounts prior to final closing showed the following postings:
Income and Expense Summary
Debit 12/31/20A – P 1,300,000
Credit 12/31/20A – P 1,900,000
Accumulated Profits and Losses
Credit 1/1/20A – P 500,000
Q1 How much is the Mac Corporation’s Profit and Losses during 20A operations?
P 800,000
P 600,000
P 3,200,000
(P 600,000)
(3MINS)The Mac Corporation’s income statement and expense Summary and Accumulated Profits and Losses Accounts prior to final closing showed the following postings:
Income and Expense Summary
Debit 12/31/20A – P 1,300,000
Credit 12/31/20A – P 1,900,000
Accumulated Profits and Losses
Credit 1/1/20A – P 500,000
How much is the balance of Accumulated Profit and Losses as of December 31, 20A
P 1,100,000
P 1,200,000
P 500,000
(P 1,200,000)
(3MINS)The shareholders’ Equity of Maru Chemicals, Incorporated on December 31, 20A appeared as follows:
Ordinary share, authorized 3,000
par value P100
Issued 1,000 shares of
which 200 shares are in
the treasury P 100,000
Appropriated for Accumulated
Profits and Losses 20,000
Free or Unappropriated 60,000 80,000
Total P 180,000
Less: Cost of Treasury share ( 20,000)
TOTAL SHE P 160,000
How many shares are still unused?
800 shares
1,000 shares
2,000 shares
3,000 shares
(3MINS)The shareholders’ Equity of Maru Chemicals, Incorporated on December 31, 20A appeared as follows:
Ordinary share, authorized 3,000
par value P100
Issued 1,000 shares of
which 200 shares are in
the treasury P 100,000
Appropriated for Accumulated
Profits and Losses 20,000
Free or Unappropriated 60,000 80,000
Total P 180,000
Less: Cost of Treasury share ( 20,000)
TOTAL SHE P 160,000
How much amount of Accumulated Profits and Losses that can be declared as dividend?
P 20,000
P 60,000
P 80,000
none of these
A doctrine that prohibits a corporation to return its legal capital to the shareholders
trust fund doctrine
the doctrine of piercing the veil
SEC memorandum
none of the above
Authorized share capital is not journalized, only a memo is made. This is used if the problem is silent
Journal Entry method
Memorandum method
Either of the two method
all of the above
This is part of the capital that is equal to the par or stated value of the shares issued.
Subscribed share capital
Share capital
Share premium
Subscription receivable
The following are the rights of the common shareholders except
Voting
Preference as to income rights
Preemptive right to preserve share ownership
assets right after paying the corporate debts
An entry for the default buyer of shares of stock is
Debit to Subscription receivable and Credit to Cash
Debit to Receivable from highest bidder and Credit to Interest Income
Debit to Subscription Receivable and Credit to Subscribed share capital
No entry
An entry for share capital in exchange for the non-cash asset at fair market value would least likely include
Debit Non-cash asset
Credit to Share Capital
Debit to Share Premium
Credit to Share Premium
