ACCT 2300 Final Exam TTU questions
well answers graded A+ 2025/2026
passed
The two main categories of stockholders' equity are - ANS ✔✔retained earnings and paid in
capital
Which of the following is not considered to be an advantage of a corporation? - ANS ✔✔Double
taxation
Stockholders of a corporation directly elect the - ANS ✔✔board of directors
Which of the following is a characteristic of a corporation? - ANS ✔✔Limited liability of
stockholders
The basic form of capital stock is - ANS ✔✔a share of common stock
Preferred stock is least likely to have which of the following characteristics? - ANS
✔✔Preference as to voting
The par value of a share of common stock - ANS ✔✔is stated in the charter.
What is the total paid-in capital for Century Company at March 31, 2019? - ANS ✔✔Common
stock + Paid-in capital= Total paid in capital
68 Million+ 340 Million= 408 Million
, If a corporation issues 3,000 shares of $2.40 par value common stock for $27,000, the journal
entry would include a credit to - ANS ✔✔Number of Shares x Par Value = Par value of CS
3,000 shares x $2.40 Par = 7,200 to Common Stock
Best Player, Inc., issued 300,000 shares of no-par common stock for $15 per share. The journal
entry to record the issuance would be - ANS ✔✔Debit Cash 4,500,000
Credit Common Stock 4,500,00
Which of the following classifications represents the most shares of common stock? - ANS
✔✔Authorized shares
What is total paid-in capital for Sportaid? (Assume that treasury stock does not reduce total
paid-in capital.) - ANS ✔✔Common Stock + Preferred Stock + APIC = Total Paid in capital
311,000 + 80,000 + 200,000 = 591,000
A company might purchase treasury stock for all of the following reasons except - ANS
✔✔management wants to decrease the earnings per share of common stock.
Sloan Corporation purchased 3,600 shares of its own $0.25 par value common stock for
$120,000. As a result of this transaction, the company's stockholders' equity - ANS
✔✔decreased by $120,000.
Goodall Corporation issued 95,000 shares of $1.20 par value common stock. Later that year,
Goodall purchased 8,000 shares of its own common stock. Two months later, it reissued 2,600
well answers graded A+ 2025/2026
passed
The two main categories of stockholders' equity are - ANS ✔✔retained earnings and paid in
capital
Which of the following is not considered to be an advantage of a corporation? - ANS ✔✔Double
taxation
Stockholders of a corporation directly elect the - ANS ✔✔board of directors
Which of the following is a characteristic of a corporation? - ANS ✔✔Limited liability of
stockholders
The basic form of capital stock is - ANS ✔✔a share of common stock
Preferred stock is least likely to have which of the following characteristics? - ANS
✔✔Preference as to voting
The par value of a share of common stock - ANS ✔✔is stated in the charter.
What is the total paid-in capital for Century Company at March 31, 2019? - ANS ✔✔Common
stock + Paid-in capital= Total paid in capital
68 Million+ 340 Million= 408 Million
, If a corporation issues 3,000 shares of $2.40 par value common stock for $27,000, the journal
entry would include a credit to - ANS ✔✔Number of Shares x Par Value = Par value of CS
3,000 shares x $2.40 Par = 7,200 to Common Stock
Best Player, Inc., issued 300,000 shares of no-par common stock for $15 per share. The journal
entry to record the issuance would be - ANS ✔✔Debit Cash 4,500,000
Credit Common Stock 4,500,00
Which of the following classifications represents the most shares of common stock? - ANS
✔✔Authorized shares
What is total paid-in capital for Sportaid? (Assume that treasury stock does not reduce total
paid-in capital.) - ANS ✔✔Common Stock + Preferred Stock + APIC = Total Paid in capital
311,000 + 80,000 + 200,000 = 591,000
A company might purchase treasury stock for all of the following reasons except - ANS
✔✔management wants to decrease the earnings per share of common stock.
Sloan Corporation purchased 3,600 shares of its own $0.25 par value common stock for
$120,000. As a result of this transaction, the company's stockholders' equity - ANS
✔✔decreased by $120,000.
Goodall Corporation issued 95,000 shares of $1.20 par value common stock. Later that year,
Goodall purchased 8,000 shares of its own common stock. Two months later, it reissued 2,600
