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Which accounts will not likely to be debited

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Question 1: If High Corp. reissues treasury shares below its purchase price, which of the following accounts will not likely to be debited?

a. Share Premium - Ordinary
b. Share Premium - Treasury
c. Cash
d. Retained Earnings

Question 2: How will the issuance new ordinary shares for cash affect total assets, quick assets and net worth?

a. Increase, increase, increase
b. increase, no effect, increase
c. increase, decrease, decrease
d. increase, no effect, no effect

Question 3: When BSA Corp. receives its own ordinary shares from shareholders, it is debited to:

a. donated capital.
b. no entry is made.
c. treasury shares.
d. share premium.

Question 4: Which of the following is included in the legal capital?

a. Ordinary Shares
b. Donated Shares
c. Share Options Outstanding
d. Retained Earnings

Question 5: The partnership is dissolved if a partner dies but when a shareholder dies, ______

a. the deceased shareholders shares will be donated to the entity as treasury.
b. each remaining shareholder receives an equal share of the deceased shareholder.
c. the corporation will continue to exist.
d. the corporation is dissolved.

Reference no: EM132786655

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