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Partial Test _2 - Partial Test#2 Accounting Principles II...

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Partial Test #2 Name ___________________________ Accounting Principles II Instructor ________________________ Course __________ Date __________ PART I — MULTIPLE CHOICE (50 points) Instructions: Designate the best answer for each of the following questions. ____ 1. A factor which distinguishes the corporate form of organization from a sole proprietorship or partnership is that a a. corporation is organized for the purpose of making a profit. b. corporation is subject to numerous federal and state government regulations. c. corporation is an accounting economic entity. d. corporation’s temporary accounts are closed at the end of the accounting period. ____ 2. Which one of the following would not be considered an advantage of the corporate form of organization? ____ 3. Ed Stone has invested $400,000 in a corporation. The corporation does not do well and must declare bankruptcy. What amount does Stone stand to lose? ____ 4. Which one of the following is not an ownership right of a stockholder in a corporation? ____ 5. If Vickers Company issues 1,000 shares of $5 par value common stock for $70,000, a. Common Stock will be credited for $70,000. b. Paid-In Capital in Excess of Par Value will be credited for $5,000. c. Paid-In Capital in Excess of Par Value will be credited for $65,000. d. Cash will be debited for $65,000. ____ 6. Simon Company issued 4,000 shares of its $5 par value common stock in payment of its attorney's bill of $30,000. The bill was for services performed in helping the company incorporate. Simon should record this transaction by debiting
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Partial Test #2 – Chapters 13, 14 & 15 ____
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