137.Additional paid-in capital includes all of the following except
a.paid-in capital from treasury stock.
b.paid-in capital in excess of par.
c.paid-in capital in excess of stated value.
d.paid-in capital in excess of book value.
138.Which of the following is an incorrect statement about a corporation?
a.A corporation is an entity separate and distinct from its owners.
b.Creditors ordinarily have recourse only to corporate assets in satisfaction of their claims.
c.A corporation may be formed in writing, orally, or implied.
d.A corporation is subject to numerous state and federal regulations.
139.Capital stock to which the charter has assigned a value per share is called
a.par value stock.
b.no-par value stock.
c.stated value stock.
d.assigned value stock.
140.Legal capital per share cannot be equal to the
a.par value per share of par value stock.
b.total proceeds from the sale of par value stock above par value.
c.stated value per share of no-par value stock.
d.total proceeds from the sale of no-par value stock.
141.When common stock is issued for services or non-cash assets, cost should be
a.only the fair value of the consideration given up.
b.only the fair value of the consideration received.
c.the book value of the common stock issued.
d.either the fair value of the consideration given up or the consideration received, whichever is more clearly evident.
142.Preferred stockholders have a priority over common stockholders as to
b.assets in the event of liquidation only.
d.both dividends and assets in the event of liquidation.
143.On January 2, 2014, Valente Corporation issued 60,000 shares of 6% cumulative preferred stock at $100 par value. On December 31, 2017, Valente Corporation declared and paid its first dividend. What dividends are the preferred stockholders entitled to receive in the current year before any distribution is made to common stockholders?
144.The purchase of treasury stock
a.decreases common stock authorized.
b.decreases common stock issued.
c.decreases common stock outstanding.
d.has no effect on common stock outstanding.
145.When the selling price of treasury stock is greater than its cost, the company credits the difference to
a.Gain on Sale of Treasury Stock.
b.Paid-in Capital from Treasury Stock.
c.Paid-in Capital in Excess of Par.
146.G. Jones Corporation was organized on January 1, 2017, with authorized capital of 1,000,000 shares of $10 par value common stock. During 2017, Jones issued 40,000 shares at $12 per share, purchased 4,000 shares of treasury stock at $13 per share, and sold 4,000 shares of treasury stock at $14 per share. What is the amount of additional paid-in capital at December 31, 2017?
147.Additional paid-in capital includes all of the following except the amounts paid in
a.over par value.
b.over stated value.
c.from treasury stock.
d.for the par value of common stock.
148.In the stockholders' equity section of the balance sheet, the classification of capital stock consists of
a.additional paid-in capital and common stock.
b.common stock and treasury stock.
c.common stock, preferred stock, and treasury stock.
d.common stock and preferred stock.
149.Under IFRS, the term reserves relates to each of the following except
b.contributed (paid-in) capital.
c.fair value differences.
150.IFRS uses each of the following terms to describe retained earnings except
a.accumulated profit or loss.
151.A major difference between IFRS and GAAP relates to the
a.Retained Earnings account.
b.Revaluation Surplus account.
c.Share Capital account.
d.Share Premium account.
152.IFRS treats the purchase of treasury stock as any of the following except
a.an increase to a contra equity account.
b.a decrease to retained earnings.
c.a decrease to share capital.
d.a decrease to share premium.
153.Under IFRS, Revaluation Surplus is part of
154.Under IFRS, equity is described as each of the following except
d.capital and reserves.