ACC 423 Final Exam

Jul 21st, 2016
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1) Proceeds from an issue of debt securities having stock warrants should NOT be allocated between debt and equity features when A. the allocation would result in a discount on the debt security B. the warrants issued with the debt securities are nondetachable C. exercise of the warrants within the next few fiscal periods seems remote D. the market value of the warrants is NOT readily available 2) The conversion of preferred stock may be recorded by the A. market value method B. par value method C. book value method D. incremental method 3) The conversion of preferred stock into common stock requires that any excess of the par value of the common shares issued over the carrying amount of the preferred being converted should be A. treated as a prior period adjustment B. treated as a direct reduction of retained earnings C. reflected currently in income as an extraordinary item D. reflected currently in income, but NOT as an extraordinary item 4) A primary source of stoc

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ACC 423 Final Exam1) Proceeds from an issue of debt securities having stock warrants shouldNOT be allocated between debt and equity features whenA. the allocation would result in a discount on the debt securityB. the warrants issued with the debt securities are nondetachableC. exercise of the warrants within the next few fiscal periods seems remoteD. the market value of the warrants is NOT readily available2) The conversion of preferred stock may be recorded by theA. market value methodB. par value methodC. book value methodD. incremental method3) The conversion of preferred stock into common stock requires that anyexcess of the par value of the common shares issued over the carryingamount of the preferred being converted should beA. treated as a prior period adjustmentB. treated as a direct reduction of retained earningsC. reflected currently in income as an extraordinary itemD. reflected currently in income, but NOT as an extraordinary item4) A primary source of stockholders equity isA. contributions by stockholdersB. both income retained by the corporation and contributions bystockholdersC. appropriated retained earningsD. income retained by the corporation5) Stockholders equity is generally classified into two major categories:A. retained earnings and unappropriated capitalB. earned capital and contributed capitalC. appropriated capital and retained earningsD. contributed capital and appropriated capital6) When a corporation issues its

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