Questions from College Accounting

Q: Who elects the permanent board of directors?

Who elects the permanent board of directors?

Q: What factors generally are considered in determining the allocation of profits and

What factors generally are considered in determining the allocation of profits and losses?

Q: If stock is issued for noncash assets, at what amount should

If stock is issued for noncash assets, at what amount should the assets be recorded?

Q: How is common stock subscriptions receivable usually reported on the balance sheet

How is common stock subscriptions receivable usually reported on the balance sheet?

Q: What expense do corporations incur that sole proprietorships and partnerships do not

What expense do corporations incur that sole proprietorships and partnerships do not?

Q: What is the primary reason for appropriating retained earnings?

What is the primary reason for appropriating retained earnings?

Q: How are appropriated and unappropriated retained earnings shown on the statement of

How are appropriated and unappropriated retained earnings shown on the statement of retained earnings?

Q: Under the allowance method, what journal entries are made if an

Under the allowance method, what journal entries are made if an account is collected that was previously written off?

Q: Explain the function of each of the four closing entries made by

Explain the function of each of the four closing entries made by Sunflower Cycle.

Q: For what time interval should depreciation expense be entered on the date

For what time interval should depreciation expense be entered on the date of an asset’s disposal?