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11. Outstanding shares are the a. number of shares that have been distributed to shareholders. b. total number of shares that can be isued by the corporation at any time. C. number of shares that are owned by shareholders at the balance sheet date. d. number of shares the corporation has repurchased. 12. Treasury shares are the a. number of shares that have been issued to shareholders. b. total number of shares that can be issued by the corporation at any time. number of shares that are owned by shareholders at the balance sheet date. d. number of shares the corporation has repurchased. C. 13. The difference between issued shares and outstanding shares of stock is a. authorized stock. b. common stock. C. preferred stock. d. treasury stock.

11. Outstanding shares are the a. number of shares that have been distributed to shareholders. b. total number of shares that can be isued by the corporation at any time. C. number of shares that are owned by shareholders at the balance sheet date. d. number of shares the corporation has repurchased. 12. Treasury shares are the a. number of shares that have been issued to shareholders. b. total number of shares that can be issued by the corporation at any time. number of shares that are owned by shareholders at the balance sheet date. d. number of shares the corporation has repurchased. C. 13. The difference between issued shares and outstanding shares of stock is a. authorized stock. b. common stock. C. preferred stock. d. treasury stock.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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568 | Basic Financial Accounting and Reporting 2021 Edition by Prof. WIN Ballada 11. Outstanding shares are the a. number of shares that have been distributed to shareholders. b. total number of shares that can be issued by the corporation at any time. C. number of shares that are owned by shareholders at the balance sheet date. d. number of shares the corporation has repurchased. 12. Treasury shares are the a. number of shares that have been issued to shareholders. b. total number of shares that can be issued by the corporation at any time. C. number of shares that are owned by shareholders at the balance sheet date. d. number of shares the corporation has repurchased. 13. The difference between issued shares and outstanding shares of stock is a. authorized stock. b. common stock. C. preferred stock. d. treasury stock. 14. When Bradley Corporation incorporated, it was authorized to issue 1,000,000 shares of common stock. It immediately issued 50,000 shares. In 2017, it issued an additional 20,000 shares. In 2020, it repurchased 5,000 shares with the intent of reissuing them. On the Dec. 31, 2020, balance sheet, Bradley Corporation would show a. 50,000 shares issued and 45,000 shares outstanding. b. 70,000 shares issued and 65,000 shares outstanding. 70,000 shares issued and 70,000 shares outstanding. d. 1,000,000 shares issued and outstanding. C.
Transcribed Image Text:568 | Basic Financial Accounting and Reporting 2021 Edition by Prof. WIN Ballada 11. Outstanding shares are the a. number of shares that have been distributed to shareholders. b. total number of shares that can be issued by the corporation at any time. C. number of shares that are owned by shareholders at the balance sheet date. d. number of shares the corporation has repurchased. 12. Treasury shares are the a. number of shares that have been issued to shareholders. b. total number of shares that can be issued by the corporation at any time. C. number of shares that are owned by shareholders at the balance sheet date. d. number of shares the corporation has repurchased. 13. The difference between issued shares and outstanding shares of stock is a. authorized stock. b. common stock. C. preferred stock. d. treasury stock. 14. When Bradley Corporation incorporated, it was authorized to issue 1,000,000 shares of common stock. It immediately issued 50,000 shares. In 2017, it issued an additional 20,000 shares. In 2020, it repurchased 5,000 shares with the intent of reissuing them. On the Dec. 31, 2020, balance sheet, Bradley Corporation would show a. 50,000 shares issued and 45,000 shares outstanding. b. 70,000 shares issued and 65,000 shares outstanding. 70,000 shares issued and 70,000 shares outstanding. d. 1,000,000 shares issued and outstanding. C.
Preference shares of stock may be issued with par or no-par value. 2. A corporation can be a general partner in a partnership. -3. The board of directors shall exercise the corporate powers of a corporation. - 4. A public corporation is one formed for the government of a portion of the state. 5. All incorporators are subscribers but a subscriber need not be an incorporator. 2 6. A partnership can be a corporator in a corporation. 7. No-par value shares may not be issued without being fully paid. A shareholder in a corporation does not have the right to transact corporate business or to intervene in the management of the business. 9. A corporation can come into existence by mere agreement of the parties as in the case of partnerships. 2 1. 8. 10. A corporation can be held liable for personal indebtedness of a shareholder. 11. Shareholders may be natural or juridical persons. 12. No-par value shares have a minimum stated value of P5.00 per share. 13. Each of the incorporators of a stock corporation must own or be a subscriber to at least two (2) shares of the share capital of the corporation. 14. The board of directors is responsible for the formulation and implementation of the overall policies for the corporation. 15. Eleemosynary corporations are those organized for public charity. 16. A corporation is an artificial being with a personality separate and apart from its individual shareholders or members. 17. Shares of stock cannot be transferred without the consent of the other shareholders. 18. Shareholders of a corporation elect the board of directors, who in turn appoint the top officers of the corporation. 19. Under the RCCP, at least twenty five percent of authorized share capital must be subscribed and at least twenty-five percent of the total subscription must be paid upon subscription. In no case shall the paid-up capital be less than P5,000. 20. A corporation has continuity of existence which permits the business to continue regardless of changes in ownership or the death of a shareholder. 21. Only natural persons can be incorporators. 22. Any individual shareholder in a corporation may personally be held liable for all debts incurred by the corporation. 23. Non-stock corporations may be formed or organized for charitable, religious, educational, professional, cultural, recreational, fraternal, literary, scientific, social, civic service, or similar purposes. 24. A corporation is created by agreement of the shareholders. 25. All incorporators (if they continue to be shareholders) are corporators of a corporation.
Transcribed Image Text:Preference shares of stock may be issued with par or no-par value. 2. A corporation can be a general partner in a partnership. -3. The board of directors shall exercise the corporate powers of a corporation. - 4. A public corporation is one formed for the government of a portion of the state. 5. All incorporators are subscribers but a subscriber need not be an incorporator. 2 6. A partnership can be a corporator in a corporation. 7. No-par value shares may not be issued without being fully paid. A shareholder in a corporation does not have the right to transact corporate business or to intervene in the management of the business. 9. A corporation can come into existence by mere agreement of the parties as in the case of partnerships. 2 1. 8. 10. A corporation can be held liable for personal indebtedness of a shareholder. 11. Shareholders may be natural or juridical persons. 12. No-par value shares have a minimum stated value of P5.00 per share. 13. Each of the incorporators of a stock corporation must own or be a subscriber to at least two (2) shares of the share capital of the corporation. 14. The board of directors is responsible for the formulation and implementation of the overall policies for the corporation. 15. Eleemosynary corporations are those organized for public charity. 16. A corporation is an artificial being with a personality separate and apart from its individual shareholders or members. 17. Shares of stock cannot be transferred without the consent of the other shareholders. 18. Shareholders of a corporation elect the board of directors, who in turn appoint the top officers of the corporation. 19. Under the RCCP, at least twenty five percent of authorized share capital must be subscribed and at least twenty-five percent of the total subscription must be paid upon subscription. In no case shall the paid-up capital be less than P5,000. 20. A corporation has continuity of existence which permits the business to continue regardless of changes in ownership or the death of a shareholder. 21. Only natural persons can be incorporators. 22. Any individual shareholder in a corporation may personally be held liable for all debts incurred by the corporation. 23. Non-stock corporations may be formed or organized for charitable, religious, educational, professional, cultural, recreational, fraternal, literary, scientific, social, civic service, or similar purposes. 24. A corporation is created by agreement of the shareholders. 25. All incorporators (if they continue to be shareholders) are corporators of a corporation.
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