How does the Revised Act define the term "distribution"?
"A direct or indirect transfer of money or other property (except for its own shares) or incurrence of indebtedness by a corporation to or for the benefit of its shareholders with respect to any of its shares. A distribution may be in the form of a declaration or payment of a dividend; a purchase, redemption, or other acquisition of shares; a distribution of indebtedness; or otherwise." Neither a stock dividend nor a stock split is a distribution.
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Answer the following statements true (T) or false (F)
1. When using a periodic inventory system, the Merchandise Inventory DR column, in the purchases journal, is replaced with a column titled Cost of Goods Sold DR. 2. Purchases on account are recorded in the purchases journal. 3. The Other Accounts DR columns of a purchases journal are used for recording merchandise inventory and office supplies. 4. Entries from the purchases journal are posted monthly to the accounts payable subsidiary ledger and daily to the general ledger. 5. When using a purchases journal, Accounts Payable is always credited.
Which of the following represents the types of data commonly found in the accounting department?
A. Payroll data B. Tax data C. Transactional data D. All of these
Which of the following statements is CORRECT?
A. Preferred stock is normally expected to provide steadier, more reliable income to investors than the same firm's common stock, and, as a result, the expected after-tax yield on the preferred is lower than the after-tax expected return on the common stock. B. The preemptive right is a provision in all corporate charters that gives preferred stockholders the right to purchase (on a pro rata basis) new issues of preferred stock. C. One of the disadvantages to a corporation of owning preferred stock instead of owning bonds is that 50% of the preferred dividends received represent taxable income to the corporate recipient, whereas none of the interest received from bonds is taxable income to the corporate recipient. D. One of the advantages for a firm financing with preferred stock is that 50% of the dividends the firm pays may be deducted from its taxable income. E. A major disadvantage of financing with preferred stock is that preferred stockholders typically have supernormal voting rights.
Racial and ethnic identification no longer falls along the lines used by social institutions in the past. What has caused this shift in categorization?
a. increased ethnicities b. updated scientific DNA information *c. increased interracial marriages d. increasingly individuals are self-designing their own labels