Which of the following is a major disadvantage of a corporation?

This account title is credited to represent shareholder's equity for contributions

made in cash, property or service.

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

Shares of stock a corporation is allowed to issue.

One of these items may not form part of the shareholders' equity section

Filipinas Inc. sold 100 shares of P100 par common stock for P120. In recording this transaction you should

When 100 common shares of P100 par are subscribed for P120

When 100 common shares of P100 par are subscribed for P120

Refer to no. 8, the accountant should also credit

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

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

 Refer to no. 10, building should be debited

The credit balance of the income and expense summary of a corporation is closed

A CPA receivéd shares of stock for services rendered during incorporation. This should be

Subscription receivable callable within one year should be presented as

Under the journal entry method, Unissued Share Capital is credited to record

A distribution of profit to the shareholders is called

To incorporate, the law requires that at least

A corporation organized for profit is called a

The Corporation Code,of the Philippines provides a security to the creditors by requiring the corporation to set aside a minimum fund of permanent investment

which cannot be distributed to the shareholders in its lifetime.

One of these is not an attribute of a corporation

A major difference between a preference share and an ordinary share is that

Preferred shareholders have preferential claim over the creditors in the assets of

the corporation. Preferred shareholders have preferential claims over the ordinary shareholders in the distribution of dividends.

The following are considered contra shareholders' equity accounts

The corporation's own stock that has been reacquired by purchasing it either in

the stock market or in a private transaction is called

Stocks that are put under auction for failure of a subscriber to make good his subscription within one month from call date is called

If there are no bidders for the delinquent subscription, the corporation may bid and pay for the amount due which should be

Corporate land was given in exchange for reacquired shares. Debit treasury shares at the

P20 par value stock was reacquired by the corporation at P50 and resold at P90.

The treasury stock should be credited at resale date based on

P20 par value stock was reacquired by the corporation at P50 and resold at P90. The treasury stock should be credited at resale date based on

Refer to no. 8. A paid in capital from treasury stock should be

The donation of land to the corporation by the city government will

Stock donated by the stockholder should be

Shares of stock acquired and immediately retired will

Stock donated by a stockholder was sold and credited to

Treasury shares are

Which of the followinig statements is not true?

A distribution of earned profits in the form of cash, property or stock.

Which one does not decrease retained earnings?

Which one does not decrease assets at the distribution date?

Which one does not affect total stockholders' equity?

Who are entitled to dividends?

The following conditions must be present for cash dividends to be distributed except

An example of a voluntary appropriation is an appropriation for

A dividend declared out of the investment in stocks of other companies is a

If the excess dividends are distributed to both common and preferred stockholders, the preferred shares are presumed to be

Stocks were sold for cash to 10,000 stockholders on March 1, 2012S. The Boardof Directors declared a cash dividend of P10 on November 30 to stockholders on record as of December 15, payable on December 20. The accountant should not prepare an entry on

If a shareholder receives additional shares as stock dividend, his right over the corporation will increase.

The formula that is used to determine the net income that accrues to the shareholders per share of stock is the

The networth of a share of stock is represented by the

This formula is used to evaluate the attractiveness, of the stock since one could relate the cost of buying a share against how much a share earns in profit.

A dividend payable in merchandise is called a

WGA Corp. declared a 10% cash dividend on December 1 payable to shareholders on record as of December 31. A shareholder with 100 shares of a P10 par stock who bought another 100 shares on December 15 will receive

Power Corporation declared a property dividend of 10 Meralco shares for one Power share held. Power share has a par value of P50 and a market value of PIOO. The Meralco shares were originally purchased at P10 per share. Its fair market value on declaration date was P20 and on distribution date was P25.Dividends should be

recorded at

Dividend in arrears are distributed to preferred stockholders