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MULTIPLE CHOICE PROBLEMS ACCT 301 QUESTIONS AND ANSWERS WITH SOLUTIONS 2024
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MULTIPLE CHOICE PROBLEMS ACCT 301 QUESTIONS AND ANSWERS WITH SOLUTIONS 2024
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MULTIPLE CHOICE PROBLEMS ACCT301 QUESTIONS AND ANSWERS WITH
SOLUTIONS 2024
Ch 18:
WHich of the following will result in Jones Company recording a contract asset? - ANSWER Jones
Company has delivered product A to Smith Company but will not receive payment until they also deliver
B
A transaction should be treated as a ____ when a company has an obligation or right to repurchase an
asset for an amount greater than or equal to its selling price - ANSWER financing transaction
Chapter 15:
How should a company record a property dividend? - ANSWER Record the dividend by debiting retained
earnings for an amount equal to the fair value of the property to be distributed
Chapter 15:
On June 30, 2020, Dean & Associates paid a cash dividend to stockholders that was declared on June 10,
2020. On which date will the company make a journal entry crediting cash? - ANSWER June 30, 2020
only
When journalizing the sale of common stock, a debit to cash that is greater than the credit to the
common stock account means that - ANSWER the stated value of the common stock is less than the per
share price investors were willing to pay
Legal capital for a corporation is defined as - ANSWER the par value of all capital stock issued.
A debenture bond issued by a corporation - ANSWER is unsecured
When considering discounts or premiums applied to a bond issue, which of the following statements is
correct? - ANSWER The interest expense to the seller of bonds issued at a premium will be less than the
total interest payments
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