Acct 211 Final Liberty University |47 Questions| With Correct Answers.

Stock that has special rights that give it priority over common stock in one or more areas {Ans: Preferred Stock}The number of shares that a corporation's charter allows it to sell is referred to as: {Ans: authorized stock}Products that the company owns and intends to sell is known as {Ans: Merchandise inventory}Journal entry for Date of Payment {Ans: Dividend payable xxx Cash xxx}What goes on the Balance Sheet? {Ans: Current assets (cash, short-term investments, supplies, prepaid insurance, etc.), Non-current assets (Equipment, Building, Land, etc.), Total assets (Current assets + Non-current assets) Current Liabilities (Accounts Payable, interest payable, rent payable, wages payable, etc.), Long term liabilities Equity (common stock, retained earnings) Total Liabilities+stockholders equity}T/F: When a corporation has only one class of stock, the stock is called preferred stock {Ans: False}