Which of the following is true of treasury shares?
A) They cannot be issued by the corporation.
B) They cannot be voted by the corporation.
C) They are owned by shareholders.
D) They are only issued by governments.
B
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The primary purpose of a detailed situation analysis is to uncover key performance issues that normally might go unnoticed in day-to-day business operations
Indicate whether the statement is true or false
Which of the following is the best audit procedure for the discovery of damaged merchandise in an entity's ending inventory?
A. Review the management's inventory representation letter for accuracy. B. Observe the condition of merchandise and raw materials during the entity's physical inventory count. C. Test overall fairness of inventory values by comparing the company's turnover ratio with the industry average. D. Compare the physical quantities of slow-moving items with corresponding quantities of the prior year.
Lopar Company uses a predetermined overhead rate based on direct labor dollars. Lopar Company estimated that its 2010 overhead would total $938,000 and that 2010 direct labor costs would be $670,000 . During 2010, actual overhead costs were $960,000, and actual direct labor costs were $700,000 . By how much was Lopar's overhead over- or underapplied?
a. $20,000 overapplied b. $20,000 underapplied c. $18,000 overapplied d. $10,000 underapplied
An analysis of the accounts disclosed the following transactions: 1 . production machinery was purchased for $4,500 cash; 2 . $10,000 was borrowed on a long-term note; 3 . 1,000 shares of $5 par value common stock were issued at par for cash; 4 . cash dividends of $2,000 were paid; 5 . an investment was sold for $23,000; 6 . $50,000 in bonds were retired at maturity at face value; 7 . a plant
asset was sold for $4,500 (at book value). The net cash provided from financing activities was a: a. $35,000 decrease. b. $14,000 decrease. c. $23,000 increase. d. $14,000 decrease. e. $37,000 decrease.