CHAPTER 14

Corporations: ADDITIONAL TOPICS AND IFRS

Summary of Questions by STUDY Objectives
and Bloom’s Taxonomy

Note: K = Knowledge C = Comprehension AP = Application

SUMMARY OF STUDY OBJECTIVES BY QUESTION TYPE

Note: TF = True-False MC = Multiple Choice Ma = Matching

summary of questions by LEVEL OF DIFFICULTY (LOD)

Note: E = Easy M = Medium H=Hard

CHAPTER STUDY OBJECTIVES

1. Account for stock dividends and stock splits and compare their financial impact. Entries for stock dividends are required at the declaration and distribution dates. There is no entry for a stock split. Stock dividends reduce retained earnings and increase common shares, but have no impact on total shareholders’ equity. Both stock dividends and stock splits increase the number of shares issued. Stock splits reduce the fair value of the shares, but have no impact on the company’s financial position.

2. Account for the reacquisition of shares. When shares are reacquired, the average cost is debited to the Common Shares account. If the shares are reacquired at a price below the average cost, the difference is credited to a contributed surplus account. If the shares are reacquired at a price above the average cost, the difference is debited first to a contributed surplus account if a balance exists, and then to the Retained Earnings account.

3. Prepare an income statement showing continuing and discontinued operations, and prepare a statement of comprehensive income. Gains or losses on discontinued operations must be presented net of income tax after profit (or loss) from continuing operations. Companies following IFRS must prepare a statement of comprehensive income that reports all increases and decreases to shareholders’ equity during a period except changes resulting from the sale or repurchase of shares and from the payment of dividends. The statement of comprehensive income can be prepared on an all-inclusive basis, or can start with profit or loss as shown on a separate income statement.

4. Explain the accounting for different types of accounting changes and account for corrections of prior period errors. A change in accounting policy, from the method used in the previous year, is allowed only when there is a change in GAAP or if it results in the financial statements providing more reliable and relevant information. These changes are applied retroactively when possible. A change in an accounting estimate is not an error and only the current and future periods are revised. If an error in a prior year’s profit and retained earnings is found after the temporary accounts have been closed and the statements have been issued, then beginning retained earnings is adjusted. This is shown in the financial statements as a correction to beginning retained earnings net of the related income tax impact.

5. Prepare a statement of changes in shareholders’ equity. A statement of changes in shareholders’ equity explains all of the changes in each of the shareholders’ equity accounts, and in total, for the reporting period. This includes changes in contributed capital (common shares, preferred shares, and any other contributed surplus accounts), retained earnings, and accumulated other comprehensive income. The statement is required for companies reporting under IFRS.

6. Evaluate earnings and dividend performance. Profitability measures that are used to analyze shareholders’ equity include return on equity (discussed in Chapter 13), earnings per share, the price-earnings ratio, and the payout ratio. Earnings (loss) per share is calculated by dividing profit (loss) available to the common shareholders by the weighted average number of common shares and is reported only under IFRS. The price-earnings ratio is calculated by dividing the market price per share by the earnings per share. The payout ratio is calculated by dividing cash dividends by profit.

TRUE-FALSE STATEMENTS

1. The most common type of dividend is a stock dividend.

2. A stock dividend makes no difference to overall share capital of the company.

3. A stock split will increase share capital.

4. The effects of a share split and a stock dividend are the same on the cash position of the company.

5. A stock split will increase the number of shares of a company as will a stock dividend.

6. At the declaration date, the stock dividend account is increased by the fair market value of the shares to be issued.

7. A stock split will usually result in an increase in the market value of a share.

8. In a 2 for 1 stock split, two shares are exchanged for one share.

9. Only common shares are able to be split.

10. A stock dividend will reduce retained earnings.

11. When a company reacquires its own shares at a price that is lower than the average issue price, there will be a loss on the reacquisition.

12. When a company reacquires shares at a loss and there is no balance in contributed capital, then there will be a debit to retained earnings for the amount of the loss.

13. The acquisition of a company’s own shares, by a corporation, increases total assets and shareholders’ equity.

14. The reacquisition of common shares for a price lower than the average cost will result in a credit to “gain on the purchase of common shares.”

15. When shares are reacquired at a price below average cost, Retained Earnings will be debited.

16. All companies following IFRS must report comprehensive income.

17. Discontinued operations use the intraperiod tax allocation method.

18. When an operation is discontinued, the disposal is reported in two parts; the profit (loss) from present operations and the profit (loss) from past operations.

19. In discontinued operations reporting, the amounts shown on the income statement are shown net of tax.

20. Under IFRS, a company has two options of reporting comprehensive income; an all-inclusive format or in a separate statement.

21. Accumulated other comprehensive income is reported in the income statement under other income.

22. Comprehensive income includes all changes in shareholders equity during a period with the exception of changes in share capital or the payment of dividends.

23. Gains or losses, which bypass profit but affect shareholders equity, will be reported in the category of other comprehensive income.

24. Retained earnings are always shown in before tax amounts, NOT net of tax amounts.

25. Prior period adjustments should be made for a change in accounting policy by the company.

26. A correction of a prior period error would lead to restatement of the opening balance of retained earnings.

27. Correction of errors would always result in a decrease in Retained Earnings.

28. The correction of a prior period error would only affect the account in which the error has occurred.

29. The change in 2011 from Canadian GAAP to either IFRS or ASPE required a retroactive change in a company’s financial statements.

30. If a company starts using a new accounting method because of a change in circumstances; this is considered a change in accounting policy under IFRS.

31. The statement of changes in shareholders’ equity discloses changes in total shareholders’ equity for the period as well as changes in each shareholder’s equity account.

32. Common Stock Dividends Distributable is shown within the Share Capital subdivision of the statement of changes in shareholders' equity.

33. Earnings per share is only done for common shares.

34. When calculating earnings per share, the amount of dividends payable to the common shareholders must be deducted from the profit of the company.

35. Price Earnings ratio is calculated as the EPS divided by the market price per share.

36. The payout ratio would be important to shareholders, whose goal in owning shares is growth in the market price of the share.

37. The payout ratio is the cash dividends divided by the profit, expressed as a percentage.

38. A constant payout ratio is more anticipated in a company with stable earnings.

ANSWERS TO TRUE-FALSE STATEMENTS

MULTIPLE CHOICE QUESTIONS

39. Common Stock Dividends Distributable is classified as

a. an asset account.

b. a shareholders' equity account.

c. an expense account.

d. a liability account.

40. The effect of a stock dividend is to

a. decrease total assets and shareholders' equity.

b. change the composition of shareholders' equity.

c. decrease total assets and total liabilities.

d. increase total shareholders’ equity.

41. If a corporation declares a 10% stock dividend on its common shares, the account to be debited on the date of declaration is

a. Common Stock Dividends Distributable.

b. Common Shares.

c. Cash.

d. Stock Dividends (Retained Earnings).

42. Which one of the following events would NOT require a formal journal entry on a corporation's books?

a. 2-for-1 stock split

b. 100% stock dividend

c. 2% stock dividend

d. $1 per share cash dividend

43. Stock dividends and stock splits have the following effects on retained earnings:

Stock Splits Stock Dividends

a. Increase No change

b. No change Decrease

c. Decrease Decrease

d. No change No change

44. Which of the following statements is correct?

a. Stock dividends and stock splits both increase total shareholder equity.

b. Stock dividends increase total shareholder equity.

c. Stock splits increase total shareholder equity.

d. Neither stock splits nor stock dividends affect total shareholder equity.

45. What would be the effect of a stock dividend on the accounts of the company?

a. an increase in current liabilities upon declaration

b. an increase in retained earnings upon declaration

c. a decrease in retained earnings upon declaration

d. an increase in shareholders’ equity upon declaration

46. What would be the effect of a stock split on the accounts of the company?

a. an increase in current liabilities upon declaration

b. an increase in share capital upon declaration

c. a decrease in retained earnings upon declaration

d. an increase in the number of shares issued upon declaration

47. Which is the main difference between a stock split and a stock dividend?

a. A stock dividend increases the number of shares issued.

b. A stock dividend requires no cash outlay on the part of the company.

c. A stock dividend reduces the amount of Retained earnings in a company.

d. A stock dividend makes no change in the amount of authorized shares of a company.

48. At January 1, 2013, Jones Corporation had the following share capital:

$2 Preferred shares, noncumulative,

500,000 shares authorized, 1,000 shares issued $650,000

Common stock, 1,000,000 shares authorized,

10,000 shares issued 250,000

$900,000

On February 16, 2013 the board of directors declared and paid a 10% common stock dividend. On July 31, 2013, the board declared a 3-for-1 stock split on the common stock. On its December 31, 2013 financial statements, Jones Corporation will report how many common shares issued?

a. 10,000

b. 11,000

c. 30,000

d. 33,000

49. The board of directors generally assigns a per share value to a stock dividend declared that is

a. greater than the book value.

b. at the discretion of the board of directors.

c. equal to the issue price of the original share.

d. equal to the fair market value per share.

50. Corporations generally issue stock dividends in order to

a. increase the market price per share.

b. exceed shareholders' dividend expectations.

c. increase the marketability of the shares.

d. decrease the amount of share capital in the corporation.

51. A shareholder who receives a stock dividend would

a. expect the market price per share to increase.

b. own more shares.

c. expect retained earnings to increase.

d. expect the overall value of his or her shares to change.

52. When stock dividends are distributed,

a. Common Stock Dividends Distributable is decreased.

b. Retained Earnings is decreased.

c. Cash is decreased.

d. no entry is necessary if it is a large stock dividend.

Use the following information for questions 53–54.

At January 1, 2013, Leblanc Corporation had the following shareholders’ equity:

Share capital

$1 Preferred shares, noncumulative,

25,000 shares authorized, 8,000 shares issued $ 160,000

Common shares, 1,000,000 shares authorized,

50,000 shares issued 750,000

910,000

Retained Earnings 425,000

Total Shareholders’ Equity $1,335,000

On March 12, 2013, when the common shares have a market value of $18, the board of directors declared and paid a 10% common stock dividend. On July 31, 2013, the board declared a 2-for-1 stock split on the common shares. During the year, the company paid cash dividends of $80,000 and reported profit of $435,000.

53. At its December 31 year end, the balance in share capital is

a. $910,000.

b. $1,000,000.

c. $1,800,000.

d. $2,000,000.

54. The number of common shares issued at December 31, 2013 is

a. 55,000.

b. 2,000,000.

c. 100,000.

d. 110,000.

55. Juan Inc. has 1,000 common shares issued at $100 and currently trading at $200. The entry to record declaration of a 10% stock dividend is

a. debit Common Stock Dividends Distributable $100,000, credit Retained Earnings $100,000.

b. debit Retained Earnings $100,000, credit Cash $100,000.

c. debit Stock Dividends $20,000, credit Common Stock Dividends Distributable $20,000.

d. debit Common Stock Dividends Distributable $20,000, credit Common Shares $20,000.

56. Identify the effect the declaration of a stock dividend has on total share capital, retained earnings, and shareholders’ equity.

Total Share Capital Retained Earnings Shareholders’ Equity

a. Increase Decrease Decrease

b. No effect Increase Increase

c. Decrease Decrease No effect

d. Increase Decrease No effect

57. Which of the following show the proper effect of a stock split and a stock dividend?

Item Stock Split Stock Dividend

a. Total share capital No change Increase

b. Total retained earnings Decrease Decrease

c. Total shareholders’ equity No change Increase

d. Total assets Increase Decrease

58. A stock split

a. may occur in the absence of retained earnings.

b. will increase total contributed capital.

c. will increase the total value of the shares.

d. will have no effect on the value per share.

59. Which of the following is a characteristic of neither a stock split nor a stock dividend?

a. Cash flow is reduced.

b. The number of shares issued increases.

c. There is no change in shareholders’ equity.

d. There is no change in the authorized share capital of the company.

60. Irwin, Inc. had 200,000 common shares before a stock split occurred and 400,000 shares after the stock split. The stock split was

a. 2 for 4.

b. 4 for 1.

c. 1 for 4.

d. 2 for 1.

61. When a company repurchases its shares but does NOT retire them, these shares would said to be

a. authorized, issued and outstanding.

b. authorized and issued, but not outstanding.

c. redeemable.

d. authorized and unissued but not outstanding.

62. The following information is available regarding a corporation’s common shares: authorized 30,000 shares; issued 10,000 at $100,000; and 15,000 at $175,000. The average cost of the corporation’s shares is

a. $10.

b. $11.

c. $11.67.

d. $13.75.

63. A company may reacquire its own shares for all of the following reasons EXCEPT

a. to increase trading in the company’s shares in hopes of enhancing its market value.

b. to reduce the number of shares issued thereby increasing earnings per share.

c. to hold the shares as a long-term investment.

d. to have additional shares available for use in the acquisition of other companies.

64. The entry to record the reacquisition of common shares at a cost higher than the average issue cost requires a

a. debit to Common Shares.

b. debit to Loss on Repurchase of Common Shares.

c. credit to Common Shares.

d. credit to Retained Earnings.

65. The entry to record the reacquisition of common shares at a cost lower than the average issue cost requires a

a. credit to Contributed Surplus.

b. credit to Contributed Surplus—Reacquisition of Common Shares.

c. credit to Common Shares.

d. credit to Retained Earnings.

Use the following information for questions 66–68.

Jacobs Corporation has the following shareholders’ equity on December 31, 2014:

Shareholders' equity

Share capital

$10 convertible preferred shares,

10,000 shares authorized, 5,000 shares issued...................... $ 570,000

Common shares,

200,000 shares authorized, 90,000 shares issued.................. 1,800,000

Total share capital.................................................................... 2,370,000

Retained earnings............................................................................. 450,000

Total shareholders’ equity.................................................................. $2,820,000

66. The average cost per common share is

a. $9.

b. $20.

c. $11.40.

d. $5.70.

67. If 10,000 common shares were reacquired for $24 per share, the journal entry to record the transaction would

a. credit Contributed Surplus—Reacquisition of Shares for $40,000.

b. credit Retained Earnings for $40,000.

c. credit Common Shares for $240,000.

d. debit Common Shares for $200,000.

68. If 10,000 common shares were reacquired for $17 per share, the journal entry to record the transaction would

a. credit Contributed Surplus for $30,000.

b. debit Retained Earnings for $30,000.

c. credit Common Shares for $170,000.

d. debit Common Shares for $170,000.

69. When the disposal of a significant business component occurs, the income statement should report the profit (or loss) from this event as

a. other revenue or expense.

b. cost of goods sold.

c. discontinued operations, before tax.

d. discontinued operations, net of tax.

70. Which of the following statements apply to discontinued operations?

1. The operations and cash flows have been (or will be) eliminated from the ongoing operations of the company as a result of the disposal transaction.

2. The company must report the profit (loss) and gain (loss) on discontinued operations net of the applicable taxes.

3. Assets (net of any related liabilities) that are held for sale as discontinued operations are valued and reported on the balance sheet at the lower of their carrying amount and fair value (less any anticipated costs of selling).

a. 1 and 2

b. 1 and 3

c. 2 and 3

d. 1, 2 and 3

71. The general concept of “let the tax follow the profit or loss” is associated with

a. Revenue recognition criteria.

b. Intraperiod tax allocation.

c. Canada Pension Plan.

d. taxation of partnership income.

72. All of the following are included in comprehensive income EXCEPT

a. profit reported on the traditional income statement.

b. income tax expense.

c. dividends paid.

d. gains and losses on equity investments.

73. Under IFRS which of the following is NOT a choice for the Statement of Comprehensive Income?

a. The company may use an all inclusive format.

b. Items may be reported on a before tax basis.

c. The company may use a separate statement.

d. Items must be reported on a net of tax basis.

74. A prior period adjustment that corrects profit of a prior period requires that an entry be made to

a. an income statement account.

b. a current year revenue or expense account.

c. the retained earnings account.

d. an asset account.

75. Choose the best answer: Comprehensive income includes

a. profit.

b. gains and losses that bypass profit but affect shareholder equity.

c. both a. and b.

d. dividends paid to preferred shareholders.

76. Under IFRS the following account is included in the shareholders equity section of the balance sheet

a. Other Comprehensive Income.

b. Accumulated Other Comprehensive Income.

c. Contributed Comprehensive Income.

d. Retained Comprehensive Income.

77. Which of the following describes how comprehensive income should be reported?

a. Must be reported in a separate statement, as part of a complete set of financial statements.

b. Should not be reported in the financial statements but should only be disclosed in the footnotes.

c. May be reported in a separate statement, in a combined statement of earnings and comprehensive income, or within a statement of shareholders' equity.

d. May be reported in a combined statement of earnings and comprehensive income or disclosed within a statement of shareholders' equity; separate statements of comprehensive income are not permitted.

78. Which of the following statements concerning a change in accounting policy is true?

a. If a change in accounting policy is adopted retroactively, the company needs to restate closing retained earnings.

b. If a change in accounting policy is adopted retroactively, the company needs to restate opening retained earnings.

c. If a change in accounting policy is adopted prospectively, the company needs to restate closing retained earnings.

d. If a change in accounting policy is adopted prospectively, the company needs to restate opening retained earnings.

79. Prior period adjustments are reported

a. in the notes of the current year's financial statements.

b. on the current year's balance sheet.

c. on the current year's income statement.

d. on the current year's statement of retained earnings.

80. A prior period adjustment for understatement of profit

a. will be credited to the Retained Earnings account.

b. will be debited to the Retained Earnings account.

c. will show as a gain on the current year's Income Statement.

d. will show as an asset on the current year's Balance Sheet.

81. All of the following should occur as a result of a prior period adjustment EXCEPT

a. the cumulative effect of the correction or change should be reported as an adjustment to opening retained earnings.

b. all prior period financial statements should be corrected or restated.

c. the effects of the change should be detailed and disclosed in a note to the financial statements.

d. the unadjusted balance of retained earnings should be presented on the balance sheet.

82. All of the following statements about changes in accounting policy are correct EXCEPT

a. are sometimes required because of a change in accounting standards.

b. do not result in changes to prior periods.

c. are allowed if it results in the financial statements providing more relevant and reliable information.

d. are implemented retroactively.

83. The correction of a prior period error in which the cost of goods sold was understated would require which of the following?

a. debit to Cost of Goods Sold

b. credit to Cost of Goods Sold

c. debit to Retained Earnings

d. credit to Retained Earnings

84. When a change in accounting policy occurs,

a. nothing should be done.

b. the new policy should be used in reporting the results of operations of the current year, and the cumulative income effect net of tax should be reflected on the statement of retained earnings as an adjustment to the opening balance.

c. the cumulative effect of the change in policy should be reflected on the income statement as of the beginning of the next year.

d. the cumulative effect of the change in accounting policy should be classified as an extraordinary item on the income statement.

85. The change to IFRS or to ASPE had the following effect on the financial statements of the company:

a. all financial statements had to retroactively apply the new standards.

b. all financial statements had to proactively apply the new standards.

c. the financial statements remained the same, the change was explained in the notes to the financial statements.

d. As this was a change in circumstances, they applied this change to present and future periods.

86. All of the following are normally found in a corporation’s shareholders’ equity section EXCEPT

a. dividends in arrears.

b. common shares.

c. share capital.

d. retained earnings.

87. What is the total shareholder’s equity based on the following account balances?

Common Shares $600,000

Common Stock Dividends Distributable 40,000

Retained Earnings 190,000

Preferred Shares 20,000

a. $620,000

b. $850,000

c. $770,000

d. $790,000

88. In the statement of changes in shareholders' equity,

a. Common Stock Dividends Distributable will be classified as a contra account to Retained Earnings.

b. Common Stock Dividends Distributable will appear in its own subsection of share-holders' equity.

c. Preferred and Common Shares appear under the subsection Share Capital.

d. Dividends in Arrears will appear as a restriction of Retained Earnings.

89. Companies following ASPE are required to prepare all of the following statements EXCEPT

a. Income Statement.

b. Cash Flow Statement.

c. Statement of Changes in Shareholders’ Equity.

d. Statement of Retained Earnings.

90. Which of the following transactions would NOT be included in the Statement of Changes in Shareholders’ Equity?

a. declaration of a stock dividend

b. reacquisition of shares at a loss

c. shares issued for cash

d. gain on discontinued operations

91. Earnings per share is normally only reported using

a. Preferred Shares.

b. Retained Earnings.

c. Common Shares.

d. Dividends Payable.

Use the following information for questions 92–94.

At January 1, 2013, Karpo Corporation had the following share capital:

$2 Preferred shares, noncumulative,

500,000 shares authorized, 1,000 shares issued $650,000

Common shares, 1,000,000 shares authorized,

10,000 shares issued 250,000

$900,000

On July 1, 2013, the board of directors declared and paid a 10% common stock dividend. On October 1, 2013, the company sold an additional 20,000 common shares for proceeds of $280,000. The corporation earned $150,000 during the year and declared $30,000 in dividends to preferred shareholders.

92. For the purpose of calculating the earnings per share, the company’s weighted average number of common shares is

a. 30,000.

b. 12,750.

c. 7,750.

d. 15,500.

93. Earnings per share for 2013 is

a. $7.74.

b. $9.55.

c. $8.39.

d. $9.68.

94. Assuming no dividends were paid in 2013, earnings per share for 2013 would be

a. $7.74.

b. $8.39.

c. $5.00.

d. $9.68.

95. To calculate the weighted average number of common shares, any new shares issued during the year are

a. treated as if they were outstanding the entire year.

b. ignored and added to the opening balance of next year’s calculation.

c. adjusted for the fraction of the year they are outstanding.

d. subtracted from the number of common shares issued at the beginning of the year.

96. Basic earnings per share and fully diluted earnings per share are calculated for a corporation

a. with a complex capital structure.

b. that has both preferred shares and common shares issued.

c. that has cumulative preferred dividends in arrears.

d. that has a disposal of a segment of the business and an extraordinary item reported on its income statement.

97. To calculate earnings per share, preferred dividends declared

a. should be subtracted from profit.

b. should be added to profit.

c. have no impact on the earnings per share calculation.

d. must be added to the number of common shares issued.

98. Blandon Corporation has 100,000 common shares and 10,000, $1 preferred shares currently issued. During the year, the company paid and declared a 10% stock dividend when the market price of the common shares was $7.75. As well, the company paid the preferred dividend and paid $80,000 in cash to the common shareholders. If Blandon earned $360,000 during the year, its payout ratio is

a. 25.0%.

b. 46.5%.

c. 22.2%.

d. 32.0%.

99. The ratio that indicates the percentage of earnings the company is distributing to shareholders is the

a. price-earnings ratio.

b. earnings per share.

c. debt to total assets.

d. payout ratio.

100. Chan Inc. has a profit of $1,000,000 for 2013, and there are 400,000 common shares issued. Dividends declared and paid during the year amounted to $200,000 on the preferred shares and $300,000 on the common shares. The earnings per share for 2013 is

a. $2.50.

b. $0.75.

c. $2.00.

d. $1.25.

101. The price-earnings ratio (PE ratio) tells us

a. whether assets are liquid.

b. whether debts are too high.

c. the impact of inflation.

d. whether the shares are a good investment in terms of earnings.

ANSWERS TO MULTIPLE CHOICE QUESTIONS

MATCHING QUESTION

102. Match the items below by entering the appropriate code letter in the space provided.

A. Change in accounting estimate G. Discontinued Operations

B. Treasury shares H. Weighted average number of shares

C. Comprehensive income I. Stock dividend

D. Change in accounting policy J. Stock split

E. Payout ratio K. Prior period adjustment

F. EPS L. Statement of changes in shareholders’ equity

____ 1. A component of an enterprise that has been disposed of or is reclassified as “held for sale”

____ 2. Any shares purchased or issued during the year are weighted by the fraction of the year they are outstanding.

____ 3. The issue of additional shares to shareholders

____ 4. A corporation reacquires its own shares but does not retire or cancel them.

____ 5. A pro rata distribution of the corporation's own shares to shareholders.

____ 6. All increases and decreases to shareholders’ equity except for those from share and dividend transactions.

____ 7. A change in estimates used because new information is available that indicates a change.

____ 8. The correction of an error in previously issued financial statements.

____ 9. The use of a policy in the current year that is different from the one used in the preceding year

____ 10. Shows all of the changes in contributed capital, retained earnings, and accumulated other comprehensive income.

____ 11. A ratio that indicates the profit earned by each common share

____ 12. This ratio indicates how much profit is paid out in the form of cash dividends.

ANSWERS TO MATCHING QUESTION

1. G

2. H

3. J

4. B

5. I

6. C

7. A

8. K

9. D

10. L

11. F

12. E

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