ACCTG 26_FINAL EXAM

ACCTG 26_FINAL EXAM

12th Grade

35 Qs

quiz-placeholder

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ACCTG 26_FINAL EXAM

ACCTG 26_FINAL EXAM

Assessment

Quiz

Business

12th Grade

Easy

Created by

ipril joy naquita

Used 2+ times

FREE Resource

35 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

An entity issued bonds with face value of P3, 000, 000 together with 60, 000, P50 par value, ordinary shares and 20, 000, P100 par value, preference shares for a total consideration of P10, 000, 000. If the bonds were issued separately, they would have sold for P2, 500, 000. At the date of issuance, the ordinary share was selling for P100 per share and the preference share was selling for P150 per share.


What amount of the proceeds should be allocated to the preference shares?

P 2, 000, 000

P 2, 500, 000

P 2, 608, 696

P3, 000, 000

2.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Yahairah Corp. ‘s outstanding share capital at December 15, 2019, consisted of the following:

· 30, 000 5% cumulative preference shares, par value P10 per share, fully participating as to dividends. No dividends were in arrears.

· 200, 000 ordinary shares, par value P1 per share.


On December 15, 2019, Yahairah declared dividends of P100, 000. What was the amount of dividends payable to Yahairah’s ordinary shareholders?

P 10, 000

P 34, 000

P 40, 000

P 47, 500

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the meaning of net assets of a corporation

Contributed capital

Retained earnings

Shareholders' equity

Legal capital

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When shares with par value are sold, the excess of the proceeds over the par value is credited to

Share capital

Share premium

Retained earnings

Gain on issuance of shares

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If shares are issued for a non-cash consideration, the shares issued shall be measured by

fair value of the shares

par value of the shares

fair value of the non-cash consideration

carrying amount of the non-cash consideration

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In computing the basic EPS, if the preference share is cumulative, the amount that should be deducted as an adjustment to the numerator is the

Preference dividends in arrears

Preference dividends in arrears net of tax

Annual preference dividend net of tax

Annual preference dividend

7.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

At year-end, Mary Company canceled 5,000 shares of P 50 par value held in treasury at an average cost of P 120 per share. Before recording the cancelation of the treasury shares, the entity had the following balances:

Share capital issued originally at P 75 per share, P 2,500,000

Share premium, P 1,250,000

Retained earnings, P 1,000,000

Treasury shares, at cost, P 600,000

What amount should be reported as adjusted share capital at year-end

2,250,000

2,500,000

1,900,000

2,125,000

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