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Accounting QUiz Final




Question 1. Stockholders' equity (Points: 2);is usually equal to cash on hand.;includes paid-in capital and liabilities.;includes retained earnings and paid-in capital.;is shown on the income statement.;Question 2.2. Which statement below is NOT a reason for a corporation to buy back its own stock? (Points: 2);Resale to employees;Bonus to employees;For supporting the market price of the stock;To increase the shares outstanding;Question 3.3. Current liabilities are (Points: 2);due but not receivable for more than one year.;due but not payable for more than one year.;due and receivable within one year.;due and payable within one year.;Question 4.4. Gross earnings for a payroll period less payroll deductions are referred to as (Points: 2);overtime pay.;bonus pay.;gross pay.;net pay.;Question 5.5. What options does a business have when financing operations? (Points: 2);Debt financing;Equity financing;Asset financing;Both debt financing and equity financing;Question 6.6. How is treasury stock shown on the balance sheet? (Points: 2);As an asset;As a decrease in stockholders' equity;As an increase in stockholders' equity;Treasury stock is not shown on the balance sheet.;Question 7.7. The total earnings of an employee for a payroll period are referred to as (Points: 2);take-home pay.;pay net of taxes.;net pay.;gross pay.;Question 8.8. An employee receives an hourly rate of $27, with time and a half for all hours worked in excess of 40 during a week. Payroll data for the current week are as follows: hours worked, 46, federal income tax withheld, $350, cumulative earnings for year prior to current week, $99,700, social security tax rate, 6.0% on maximum of $106,800, and Medicare tax rate, 1.5% on all earnings. What is the net pay for the employee? (Points: 2);$798.85;$873.77;$953.16;$1,223.77;Question 9.9. Which of the following would most likely be classified as a current liability? (Points: 2);Two-year notes payable;Bonds payable;Mortgage payable;Unearned rent;Question 10.10. A corporation has 50,000 shares of $100 par value stock outstanding. If the corporation issues a 4-for-1 stock split, the number of shares outstanding after the split will be (Points: 2);200,000 shares.;50,000 shares.;250,000 shares.;12,500 shares.


Paper#81694 | Written in 18-Jul-2015

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