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1. Entry to record issuance of 1,000 shares of $1 par value common stock at $10 per share includes:


a. increase to common stock for $10,000.


b. decrease to common stock for $1,000.


c. increase to paid-in capital in excess of par value-common for $9,000.


d. decrease to paid-in capital in excess of par value-common for $1,000.


2. Number of shares of treasury stock plus number of shares outstanding equals number of shares:


a. authorized which have not been issued.


b. authorized.


c. issued.


d. issued that have not been reacquired by company.


3. Highly liquid short-term investments which are easily convertible into cash are known as:

a. cash reserves.


b. accounts receivable.


c. trading securities.


d. cash equivalents.


4. Which of the given would be reported on statement of cash flows as financing activity?

a. distribution of stock dividend


b. purchase of treasury stock


c. interest paid on bonds payable


d. all of the above


5. On indirect method statement of cash flows, gain on the sale of plant assets is:

a. reported in financing activities section.


b. added to net income.


c. reported in investing activities section.


d. deducted from net income.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M921554

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