ACCT 211 Final Exam with 100% correct answers

ACCT 211 Final ExamSeparate 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