Indicate whether each of the following statements is true or false. Any legal action against a company is taken against the owners of the company.
Accounting U4 T3

Quiz
•
Other
•
12th Grade
•
Hard

Charissa Steffens
Used 1+ times
FREE Resource
22 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
True
False
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
‘Limited’ generally indicates that the liability of the shareholders to the company is limited to the agreed purchase price of their shares.
True
False
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If a dividend is not paid on ordinary shares during this financial period, then the shareholders must be paid double the dividend in the next financial period.
True
False
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Many companies have large amounts of cash because they have large amounts of reserves.
True
False
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Retained earnings represent part of the shareholders’ equity.
True
False
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Retained earnings in a company represent past profits and so are represented in cash.
True
False
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Interest on debentures appears in the Statement of Retained Earnings.
True
False
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