29 Jan Investing and financing activities
ACCT212 Financial Accounting
WEEK 6 CHECKPOINT
Question 1
(TCO 7) The authority structure of a corporation would show the
board of directors delegating to the stockholders.
president delegating to the board of directors.
chief financial officer delegating to the board of directors.
stockholders delegating to the board of directors.
Question 2
(TCO 7) The basic unit of ownership for a corporation is
dividends.
stock.
retained earnings.
capital.
Question 3
(TCO 7) When a company issues common stock greater than its par value, the excess should be credited to
retained earnings.
common stock.
paid-in capital in excess of par.
capital.
Question 4
(TCO 7) Reasons that a company would purchase treasury stock include all of the following except
management wants to avoid a takeover by an outside party.
it needs the stock for distribution to employees under stock purchase plans.
it wants to increase net assets by buying its stock low and reselling it at a higher price.
management wants to decrease earnings per share of common stock.
Question 5
(TCO 7) The date when a cash dividend becomes a legal obligation is on the
date of record.
declaration date.
last day of the corporate year.
payment date.
Question 6
(TCO 7) If stock is issued for an asset other than cash, the asset should be recorded on the books of the corporation at
fair market value.
cost.
par value of the stock.
zero.
Question 7
(TCO 1) The statement of cash flows
can be prepared instead of an income statement.
must be prepared daily.
summarizes the operating, financing, and investing activities of an entity.
is part of the income statement.
Question 8
(TCO 1) The best gauge of a company’s ability to produce ample cash to continue as a going concern is net cash provided by
operating activities.
investing activities.
financing activities.
analytical activities.
Question 9
(TCO 1) Which of the three types of activities reported on the statement of cash flows is the most critical?
Investing activities
Operating activities
Financing activities
Investing and financing activities
Question 10
(TCO 1) Investing activities include
obtaining cash from creditors.
collecting cash on loans.
obtaining capital from owners.
repaying borrowed money.
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