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problem1: A firm issued rights to its existing shareholders to acquire, at $15 per share, 5,000 unissued shares of common stock with a par value of $10 per share. Common stock will be credited at

[A] $10 per share when the rights are exercised

[B] $10 per share when the rights are issued

[C] $15 per share when the rights are exercised

[D] $15 per share when the rights are issued

problem2: Shane likes to shop at the Gap upon occasion. Last week she bought a sweater because it was just the right color to match another item in the wardrobe. Once she got the sweater home, it didn’t match at all. So Shane revisited her local Gap store to return the sweater, which of the following indicates the accounts that would be affected by Shane’s return?

[A] Sales return and allowance and cost of goods sold

[B] Accounts receivable

[C] Sales return and allowances, costs of goods sold, inventory, and accounts receivable.

2. Under which approach does a firm record all earnings from a project to the current period even though only a percentage of these earnings were actually realized during this period?

[A] Proportional performance method

[B] Efforts-expected method

[C] Completed-contract method

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  • Category:- Accounting Basics
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