
Chapter 8 Accounting
Flashcard
•
Mathematics
•
University
•
Practice Problem
•
Hard
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15 questions
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1.
FLASHCARD QUESTION
Front
What are issued shares?
Back
Issued shares are authorized shares that have been sold to investors.
2.
FLASHCARD QUESTION
Front
What is earned capital?
Back
Earned capital refers to accumulated net income from operating the business that is not distributed to the owners or stockholders.
3.
FLASHCARD QUESTION
Front
What are stock dividends?
Back
Stock dividends are a noncash return on equity that gives stockholders incremental shares of stock based on outstanding shares.
4.
FLASHCARD QUESTION
Front
What is the relationship between dividends and a corporation?
Back
Dividends are a transfer of wealth from the business to its owners, and corporations are not required to pay dividends; they are only paid when declared by the board of directors.
5.
FLASHCARD QUESTION
Front
What is a sole proprietorship?
Back
A sole proprietorship is the easiest business structure to set up, where all profits and losses go to the owner, who has unlimited personal liability.
6.
FLASHCARD QUESTION
Front
What is the significance of retained earnings in a corporation?
Back
Retained earnings are crucial for a corporation as they indicate the accumulated net income that can be used for reinvestment or to pay dividends.
7.
FLASHCARD QUESTION
Front
What does unlimited liability mean in a sole proprietorship?
Back
Unlimited liability means that the owner is personally responsible for all debts and obligations of the business.
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