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ACC/206 Strayer Accounting Principles II Week 6 Quiz

Week 6 quiz solution for Accounting Principles II at Strayer University.

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StrayerACC/206 Accounting Principles II Week 6 QuizTRUE-FALSESTATEMENTS1. Dividends may be declared and paid in cash or stock.TrueFalse2. Cash dividends are not a liability of the corporation until they are declared by the board ofdirectors.TrueFalse3. The amount of a cash dividend liability is recorded on the date of record because it is on thatdate that the persons or entities who will receive the dividend are identified.TrueFalse4. A 10% stock dividend will increase the number of shares outstanding but the book value pershare will decrease.TrueFalse5. A 3 for 1 common stock split will increase total stockholders' equity but reduce the par orstated value per share of common stock.TrueFalse6. Retained earningsrepresents the amount of cash available for dividends.TrueFalse7. Net income of a corporation should be closed to retained earnings and net losses should beclosed to paid-in capital accounts.TrueFalse8. A debit balance in the Retained Earnings account is identified as a deficit.TrueFalse9. A correction in income of a prior period involves either a debit or credit to the RetainedEarningsaccount.TrueFalse10. Prior period adjustments to income are reported in the current year's incomestatement.TrueFalse11. Retained earnings that are restricted are unavailable for dividends.TrueFalse12. Restricted retained earnings are available for preferred stock dividends but unavailable forcommon stock dividends.TrueFalse

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Document Details

University
University of Botswana-Gaborone
Course
ACC 206
Subject
Accounting

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