1. Which of the following are valid control procedures? A. B. C. D. Segregation
ID: 2584180 • Letter: 1
Question
1. Which of the following are valid control procedures? A. B. C. D. Segregation of duties Adequate documents and records Independent checks on performance All of the above 2. The use of internal controls gives guaranteed protection against losses due to op True False 3. Which statement regarding treasury stock is false? A. Treasury stock is considered to be issued but not outstanding B. Treasury stock has no voting, dividend, or liquidation rights C. Treasury stock reduces total stockholders' equity on the balance sheet D. None of the above are false 4. Which of the following statements about stock dividends is true? A. Stock dividends are reported on the income statement B. Stock dividends increase total stockholders' equity C. Stock dividends decrease total stockholders' equity D. None of the above 5. Regarding dividends, a journal entry is not recorded on what date? A. B. Date of declaration Date of record C. Date of payment D. A journal entry is recorded on all of the above dates. 6. Which feature is not applicable to common stock ownership? A. Right to receive dividends before preferred stock shareholders B. Right to vote on appointment of external auditor. Right to receiv e residual assets of the company should it cease operations. C. D. All of the above are applicable to common stock ownership. Which statement regarding dividends is false? A. Dividends represent a sharing or corporate profits with o B. Both stock and cash dividends reduce retain C. Cash dividends paid to stockholders reduce et D. None of the above statements are false. 7. wnersExplanation / Answer
1. D) All of the above
2). False. Can't Guarantee
3). D). None of the above are false
4). D). None of the above
5). D). A journal entry is recorded on all the above dates
6). A). Right to receive dividends before preferred stockholders
7). C). Cash dividends paid to stockholders reduce net income.
8). A). When a cash dividend is declared.
9). B). Is a contract equity account
10). C). Debit cash for 15 million, Credit common for 20,000 and credit additional paid in capital for 14980000
The number of authorised shares after these transactions are accounted for is 20 million shares
The number of issued shares after these transactions have been accounted for is 12 million shares
The current number of shares of treasury stock after these transactions have been accounted for is 3 million shares.
The current number of outstanding shares after these transactions have been accountedited for it is 9 million shares
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