ACC 201 Final Exam WCU
payroll reductions are recorded as liabilities - ✔️✔️true
feature of preferred stock entitling the stockholder to receive current and unpaid prior
year dividends before common stockholders receive dividends - ✔️✔️cumulative
dividends
stockholder only receives the current year's dividend - ✔️✔️non-cumulative dividend
how do stock dividends affect assets? - ✔️✔️they don't
make a portion of the retained earnings balance unavailable for dividends -
✔️✔️retained earnings restrictions
realizable value - ✔️✔️estimated selling price - any cost to complete/sell goods
working capital - ✔️✔️current assets - current liabilities
book value per share - ✔️✔️total stockholders equity / # of common shares
outstanding
sales tax collected by a retailer is recorded as a liability - ✔️✔️true
current portion of long term debt should be recorded as a current liability - ✔️✔️true
-thousands of stockholders
-stock is regularly traded on a national securities exchange such as the New York Stock
Exchange - ✔️✔️publicly held corporation
-only a few stockholders
-does not offer stock for sale to the general public
-generally much smaller than publicly held corporations - ✔️✔️privately held
corporation
chief accounting officer - ✔️✔️controller
-maintaining the accounting records
-maintaining an adequate system of internal control
-preparing financial statements, tax returns, and internal reports - ✔️✔️controller's
responsibilites
payroll reductions are recorded as liabilities - ✔️✔️true
feature of preferred stock entitling the stockholder to receive current and unpaid prior
year dividends before common stockholders receive dividends - ✔️✔️cumulative
dividends
stockholder only receives the current year's dividend - ✔️✔️non-cumulative dividend
how do stock dividends affect assets? - ✔️✔️they don't
make a portion of the retained earnings balance unavailable for dividends -
✔️✔️retained earnings restrictions
realizable value - ✔️✔️estimated selling price - any cost to complete/sell goods
working capital - ✔️✔️current assets - current liabilities
book value per share - ✔️✔️total stockholders equity / # of common shares
outstanding
sales tax collected by a retailer is recorded as a liability - ✔️✔️true
current portion of long term debt should be recorded as a current liability - ✔️✔️true
-thousands of stockholders
-stock is regularly traded on a national securities exchange such as the New York Stock
Exchange - ✔️✔️publicly held corporation
-only a few stockholders
-does not offer stock for sale to the general public
-generally much smaller than publicly held corporations - ✔️✔️privately held
corporation
chief accounting officer - ✔️✔️controller
-maintaining the accounting records
-maintaining an adequate system of internal control
-preparing financial statements, tax returns, and internal reports - ✔️✔️controller's
responsibilites
