Question 1

Changes in accounting estimates are applied in determining expenses for the current and future periods.

Accepted Answer

A) True 
 B)False

Question 2

A change in accounting policy will be presented on the:

Accepted Answer

A)  Cash Flow Statement. 
B)  Balance Sheet. 
C)  Statement of Changes in Equity. 
D)  Income Statement. 
E)  All of these answers are correct. 
A)  Cash Flow Statement. 
B)  Balance Sheet. 
C)  Statement of Changes in Equity. 
D)  Income Statement. 
E)  All of these answers are correct.

Question 3

A share split decreases the market price of the company shares.

Accepted Answer

A) True 
 B)False

Question 4

A reverse share split reduces the market value of shares and the par value per share.

Accepted Answer

A) True 
 B)False

Question 5

A share split is the distribution of additional shares to shareholders according to their percent of ownership.

Accepted Answer

A) True 
 B)False

Question 6

Earnings per share is the amount of income earned by each share of a company's outstanding common shares.

Accepted Answer

A) True 
 B)False

Question 7

A share split affects total equity as reported on the balance sheet.

Accepted Answer

A) True 
 B)False

Question 8

McJunkin Ltd. declares a 10% share dividend on December 31, 2015. CurrentlyMcJunkin has 30,000 shares outstanding. The market value of the shares on the date of declaration is $3 per share. The value to be assigned to this share dividend is:

Accepted Answer

A)  $5,000. 
B)  $2,000. 
C)  $9,000. 
D)  $8,000. 
E)  $6,000. 
A)  $5,000. 
B)  $2,000. 
C)  $9,000. 
D)  $8,000. 
E)  $6,000.

Question 9

The act of a corporation to call in its shares and issue one new share in the place of more than one share previously outstanding is a:

Accepted Answer

A)  Liquidating dividend. 
B)  Share dividend. 
C)  Share split. 
D)  Reverse share split. 
E)  Cash dividend. 
A)  Liquidating dividend. 
B)  Share dividend. 
C)  Share split. 
D)  Reverse share split. 
E)  Cash dividend.

Question 10

Just before Amigone Funeral Homes Inc. issued a 10% share dividend on November 1, the following data were collected:

Accepted Answer

A)  $-0-. 
B)  $9,000). 
C)  $22,500. 
D)  $27,000). 
E)  $7,500. 
A)  $-0-. 
B)  $9,000). 
C)  $22,500. 
D)  $27,000). 
E)  $7,500.

Question 11

An expanded income statement for a corporation with discontinued operations includes information on:

Accepted Answer

A)  Net income. 
B)  Earnings per share. 
C)  Discontinued operations. 
D)  Continuing operations. 
E)  All of these answers are correct. 
A)  Net income. 
B)  Earnings per share. 
C)  Discontinued operations. 
D)  Continuing operations. 
E)  All of these answers are correct.

Question 12

A share dividend reduces the number of previously outstanding shares.

Accepted Answer

A) True 
 B)False

Question 13

The cumulative effect of changing accounting principles is only reported for the year of the change.

Accepted Answer

A) True 
 B)False

Changes in accounting estimates are applied in determining expenses for the current and future periods.

A change in accounting policy will be presented on the:

A share split decreases the market price of the company shares.

A reverse share split reduces the market value of shares and the par value per share.

A share split is the distribution of additional shares to shareholders according to their percent of ownership.

Earnings per share is the amount of income earned by each share of a company's outstanding common shares.

A share split affects total equity as reported on the balance sheet.

McJunkin Ltd. declares a 10% share dividend on December 31, 2015. CurrentlyMcJunkin has 30,000 shares outstanding. The market value of the shares on the date of declaration is $3 per share. The value to be assigned to this share dividend is:

The act of a corporation to call in its shares and issue one new share in the place of more than one share previously outstanding is a:

Just before Amigone Funeral Homes Inc. issued a 10% share dividend on November 1, the following data were collected:

An expanded income statement for a corporation with discontinued operations includes information on:

A share dividend reduces the number of previously outstanding shares.

The cumulative effect of changing accounting principles is only reported for the year of the change.

Property, Plant and Equipment and Intangibles

Current Liabilities

Partnerships

Organization and Operation of Corporations

Bonds and Long-Term Notes Payable

Accounting for Debt and Share Investments

Reporting and Analyzing Cash Flows

Analyzing Financial Statements

Filters

Exam 13: Corporate Reporting: Profit, Earnings Per Share, and Retained Earnings

Changes in accounting estimates are applied in determining expenses for the current and future periods.

A change in accounting policy will be presented on the:

A share split decreases the market price of the company shares.

A reverse share split reduces the market value of shares and the par value per share.

A share split is the distribution of additional shares to shareholders according to their percent of ownership.

Earnings per share is the amount of income earned by each share of a company's outstanding common shares.

A share split affects total equity as reported on the balance sheet.

McJunkin Ltd. declares a 10% share dividend on December 31, 2015. CurrentlyMcJunkin has 30,000 shares outstanding. The market value of the shares on the date of declaration is $3 per share. The value to be assigned to this share dividend is:

The act of a corporation to call in its shares and issue one new share in the place of more than one share previously outstanding is a:

Just before Amigone Funeral Homes Inc. issued a 10% share dividend on November 1, the following data were collected:

An expanded income statement for a corporation with discontinued operations includes information on:

A share dividend reduces the number of previously outstanding shares.

The cumulative effect of changing accounting principles is only reported for the year of the change.

Property, Plant and Equipment and Intangibles

Current Liabilities

Partnerships

Organization and Operation of Corporations

Bonds and Long-Term Notes Payable

Accounting for Debt and Share Investments

Reporting and Analyzing Cash Flows

Analyzing Financial Statements

Filters