71. Grayson Bank agrees to lend the Trust Company $100,000 on January 1. Trust Company signs a $100,000, 8%, 9-month note. The entry made by Trust Company on January 1 to record the proceeds and issuance of the note is: A. Interest Expense 8,000 Cash 92,000 Notes Payable 100,000 B. Cash 100,000 Notes Payable 100,000 C. Cash 108,000 Interest Expense 8,000 Notes […]
131. The journal entry a company uses to record partially funded pension rights for its salaried employees, at the end of the year is A. debit Salary Expense; credit Cash B. debit Pension Expense; credit Unfunded Pension Liability C. debit Pension Expense; credit Unfunded Pension Liability and Cash D. debit Pension Expense; credit Cash 132. The journal entry a company uses to record pension rights that have not been funded […]
Objective 11.8 1) Top management faces a persistent challenge to make sure that the performance evaluation model of lower level managers is ________. A) focused on short-term performance B) based solely on quantitative factors C) consistent with the decision model D) based solely on qualitative factors 2) Performance evaluation focuses on responsibility centers for a specific period, not on projects or individual items […]
164. Following are seven items (a) through (g) that would cause Xavier Company’s book balance of cash to differ from its bank statement balance of cash. a. A service charge imposed by the bank. b. A check listed as outstanding on the previous period’s reconciliation and still outstanding at the end of this month. c. A customer’s check returned by the bank is marked “Not […]
93.Vextra Corporation is considering the purchase of new equipment costing $35,000. The projected annual cash inflow is $11,000, to be received at the end of each year. The machine has a useful life of 4 years and no salvage value. Vextra requires a 12% return on its investments. The present value of an annuity of $1 for different periods follows: 10.8929 21.6901 32.4018 43.0373 […]
65.Which of the following statements is correct? A. The Common Stock Dividends Distributable account is shown as a current liability on the balance sheet. B. When a stock dividend is distributed, no assets leave or enter the corporation. C. When a stock dividend is declared, the total amount debited to Retained Earnings is the par value, or stated value, of the shares to be […]
71. A log that is used to record and post transactions of a similar type is a: A. Schedule. B. Columnar ledger. C. Special journal. D. General journal. E. Subsidiary ledger. 72. When a company uses special journals, the general journal is used for selected transactions and events including: A. Recording adjusting transactions. B. Posting transactions to special journals. C. Accumulating debits and credits. D. Collecting detailed listings of amounts. E. Recording cash receipts. 73. A record […]
67. Which of the following represents the largest amount withheld from employees’ paychecks? A. Workers’ compensation insurance. B. Social Security and Medicare. C. Personal income taxes. D. Group health insurance. 68. When a corporation has a right to redeem bonds in advance of the maturity date, the bond is considered a: A. Convertible bond. B. Callable bond. C. Junk bond. D. Debenture bond. 69. Sinking funds usually appear on the […]
61.Which of the following pay programs has the highest frequency of payout? A.Merit pay B.Profit sharing C.Skill-based D.Incentive pay E.Gainsharing 62.Which of the following is a design feature according to which employee contribution programs differ? A.Employees’ skills B.Type of work C.Frequency of payout D.Number of employee groups E.Company’s annual output 63.In […]
41.When an employee is in the self-assessment step, the company’s responsibility is to: A.communicate where the employee fits in the plans of the company. B.ensure that the goal is specific and measurable. C.provide appraisal information to identify strengths and weaknesses. D.identify resources to help employees reach their goals. E.conduct performance evaluation. 42.During the self-assessment step in the […]
108.When shares of stock are sold from one investor to another, they will trade at:
A. Par value.
B. Book value.
C. Market value.
D. Stated value.
109.A 2-for-1 stock split will:
A. Increase the total par value of the stock and increase the number of shares outstanding.
B. Decrease the total par value of the stock and increase the number of shares outstanding.
C. Not change the total par value of the stock and increase the number of shares outstanding.
D. Increase total stockholders' equity.
110.Which statement is true about a stock split?
A. Total shareholders' equity increases.
B. Total shareholders' equity decreases.
C. Total shareholders' equity remains the same.
D. A change in total stockholders' equity depends upon whether it is a 2-for-1 split or a 3-for-1 split.
111.A 2-for-1 stock split:
A. Is accounted for in the same way as a stock dividend.
B. Increases the number of outstanding shares of common stock, but par value per share remains the same as before the split.
C. Is recorded by transferring the par value of additional shares from retained earnings to the common stock account.
D. Should logically cause the market price per share to drop by approximately 50%.
112.A 2-for-1 stock split will have what effect upon the following items?
A. Option A
B. Option B
C. Option C
D. Option D
113.On September 1, 2015, Maryland Corporation's common stock was selling at a market price of $200 per share. On that date, Maryland announced a 3 for 2 stock split. At what price would you expect the stock to trade immediately after the split goes into effect?
A. $100 per share.
B. $200 per share.
C. $133.33 per share.
D. $225 per share.
114.On September 1, 2015, Miami Corporation's common stock was selling at a market price of $300 per share. On that date, Miami announced a 2 for 1 stock split. At what price would you expect the stock to trade immediately after the split goes into effect?
A. $100.
B. $150.
C. $200.
D. $600.
115.On September 1, 2015, Miami Corporation's common stock was selling at a market price of $25 per share. On that date, Miami announced a 1 for 4 stock split. At what price would you expect the stock to trade immediately after the split goes into effect?
A. $100.
B. $25.
C. $6.25.
D. $50.
116.Treasury stock:
A. Is an asset.
B. Increases total stockholders' equity.
C. Decreases total stockholders' equity.
D. Does not change total stockholders' equity.
117.The purchase of treasury stock for cash will:
A. Increase stockholders' equity.
B. Not increase nor decrease stockholders' equity.
C. Decrease stockholders' equity.
D. Not change total assets.
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