ACCT 211 Final Exam questions with verified answers

ACCT 211 Final Exam questions with verified answersSeparate legal entity, Limited liability of stockholders, transferable ownership rights, continuous life, lack of mutual agency for stockholders, ease of capital accumulation. - correct answer Advantages of a corporation Government regulation, corporate taxation. - correct answer Disadvantages of a corporation Authorize stock - correct answer The number of shares that a corporations charter allows it to sell Issued stock - correct answer The amount of authorized stock that has been issued to the shareholders Outstanding stock - correct answer Issued stock held by shareholders Preferred stock debit cash credit preferred stock, common stock debit cash credit common stock, treasury stock debit cash credit treasury stock - correct answer Recording stock sales (Journal Entries) Dividend dates - correct answer Date of declaration, date of record, date of payment Stock dividends - correct answer A distribution of additional shares of the corporation's own stuck to its stockholders without receipt of any payment in return Stock splits - correct answer The distribution of additional shares to stockholders according to their percent ownership Preferred stock - correct answer Has special rights to give it a priority or senior status overcome in stock in one or more areas Cumulative preferred stock - correct answer Gives its owner a right to be paid both the current and all prior periods Unpaid dividends before any dividend is paid to common stockholders