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View Attempt 1 of 1 Title: | Principles of Accounting II – Exam 2 | Started: | November 21, 2009 12:18 PM | Submitted: | November 21, 2009 2:06 PM | Time spent: | 01:48:10 | Total score: | 120/150 = 80% Total score adjusted by 0.0 Maximum possible score: 150 | 1. | | | Which of the following is a characteristic of a corporation? | | | Student Response | Value | Correct Answer | Feedback | 1. | A corporation is not taxed on the corporation's business income. | | | | 2. | A corporation has a limited life. | | | | 3. | The owners of a corporation have limited liability for the corporation's debts. | 100% | | | 4. | The owners of a corporation have co-ownership of the property of the corporation. | | | | | Score: | 3/3 | Comments: | | | | 2. | | | Which of the following characteristics of a corporation exists because corporations pay taxes on corporate earnings? | | | Student Response | Value | Correct Answer | Feedback | 1. | Double taxation | 100% | | | 2. | Separation of ownership and management | | | | 3. | Transferability of ownership | | | | 4. | No mutual agency | | | | | Score: | 3/3 | Comments: | | | | 3. | | | Which of the following would be included in the entry to record the issuance of 5,000 shares of $10 par value common stock at $13 per share? | | | Student Response | Value | Correct Answer | Feedback | 1. | Common stock would be debited for $50,000. | | | | 2. | Common stock would be credited for $65,000. | | | | 3. | Cash would be debited for $65,000. | 100% | | | 4. | Paid in capital in excess of par, common would be debited for $5,000. | | | | | Score: | 3/3 | Comments: | | | | 4. | | | Which of the following is TRUE of retained earnings?
Your location: Assessments › View All Submissions › View Attempt
View Attempt 1 of 1 Title: | Principles of Accounting II – Exam 2 | Started: | November 21, 2009 12:18 PM | Submitted: | November 21, 2009 2:06 PM | Time spent: | 01:48:10 | Total score: | 120/150 = 80% Total score adjusted by 0.0 Maximum possible score: 150 | 1. | | | Which of the following is a characteristic of a corporation? | | | Student Response | Value | Correct Answer | Feedback | 1. | A corporation is not taxed on the corporation's business income. | | | | 2. | A corporation has a limited life. | | | | 3. | The owners of a corporation have limited liability for the corporation's debts. | 100% | | | 4. | The owners of a corporation have co-ownership of the property of the corporation. | | | | | Score: | 3/3 | Comments: | | | | 2. | | | Which of the following characteristics of a corporation exists because corporations pay taxes on corporate earnings? | | | Student Response | Value | Correct Answer | Feedback | 1. | Double taxation | 100% | | | 2. | Separation of ownership and management | | | | 3. | Transferability of ownership | | | | 4. | No mutual agency | | | | | Score: | 3/3 | Comments: | | | | 3. | | | Which of the following would be included in the entry to record the issuance of 5,000 shares of $10 par value common stock at $13 per share? | | | Student Response | Value | Correct Answer | Feedback | 1. | Common stock would be debited for $50,000. | | | | 2. | Common stock would be credited for $65,000. | | | | 3. | Cash would be debited for $65,000. | 100% | | | 4. | Paid in capital in excess of par, common would be debited for $5,000. | | | | | Score: | 3/3 | Comments: | | | | 4. | | | Which of the following is TRUE of retained earnings?