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problem1: Which one of the following events would not require a formal journal entry on a corporation’s books?

[A] 2% stock dividend

[B] $1 per share cash dividend

[C] 2 for 1 stock split

[D] 100% stock dividend

problem2: A prior period adjustment that corrects income of a prior period requires that an entry be made to

[A] The retained earnings account

[B] An asset account

[C] An income statement account

[D] A current year revenue or expense account

problem3: Which one of the following is not necessary in order for a corporation to pay a cash dividend?

[A] Declaration of dividends by the board of directors

[B] Retained earnings

[C] Adequate cash

[D] Approval of stockholders

problem4: The discontinued operations section of the income statement refers to

[A] Obsolete equipment and discontinued inventory items

[B] The disposal of a significant segment of a business

[C] Discontinuance of a product line

[D] The income or loss on products that have been completed and sold

Basic Finance, Finance

  • Category:- Basic Finance
  • Reference No.:- M920555

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