ACCOUNTING HELPPP - Review Test Submission: Self Assessment...

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Review Test Submission: Self Assessment 1 Content User Michael GA Baker Submitted 9/1/10 7:23 PM Name Self Assessment 1 Status Completed Score 7 out of 10 points Instructions Question 1 1 out of 1 points The total amount of cash and other assets received by a corporation from its stockholders in exchange for common stock is: Answer Selected Answer: Referred to as contributed capital Correct Answer: Referred to as contributed capital Question 2 1 out of 1 points A proxy is: Answer
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Selected Answer: A legal document that gives a designated agent of a stockholder the power to vote the stock Correct Answer: A legal document that gives a designated agent of a stockholder the power to vote the stock Question 3 1 out of 1 points Owners of preferred stock often do not have: Answer Selected Answer: Voting rights Correct Answer: Voting rights Question 4 1 out of 1 points Stated value of no-par stock is: Answer Selected Answer: An amount assigned to no-par stock by the corporation's board of directors Correct Answer: An amount assigned to no-par stock by the corporation's board of directors Question 5 1 out of 1 points A company had a beginning balance in retained earnings of $43,000. It had net income of $6,000 and paid out cash dividends of $5,625 in the current period. The ending balance in retained earnings equals:
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Answer Selected Answer: $43,37 5 Correct Answer: $43,37 5 Question 6 1 out of 1 points Par value of a stock refers to the: Answer Selected Answer: Value assigned to a share of stock by the corporate charter Correct Answer: Value assigned to a share of stock by the corporate charter Question 7 1 out of 1 points Preferred stock on which the right to receive dividends is forfeited for any year that the dividends are not declared is referred to as: Answer Selected Answer: Noncumulative preferred stock Correct Answer:
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This note was uploaded on 09/05/2010 for the course ACC 202 taught by Professor Johson during the Spring '10 term at The School of the Art Institute of Chicago.

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ACCOUNTING HELPPP - Review Test Submission: Self Assessment...

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