Unit 2 review assignment | Accounting homework help


Copy and paste the following  Accounting questions into a Microsoft Word document. Answer each question with a minimum of two to three (2–3) sentences. Some prompts will require substantially more than that to fully respond. Be thorough when addressing each item and be sure to answer each part of the prompt. You should use only your textbook to support this activity. Please do not use an Internet search engine.

  1. Define the term “liabilities”.  Be sure to include the three crucial factors/characteristics of liabilities.
  2. What is capital stock, and on which financial statement would you find information about it?
  3. What is the difference between common stock and preferred stock?
  4. What is the difference between “authorized stock” and “issued and outstanding stock?”
  5. What is the difference between par value stock and nonpar value stock?
  6. What is meant when stock is issued at par? At a Premium? And at a Discount?
  7. What is the difference between a stock dividend and a stock split?
  8. What is the difference between cumulative preferred stocks and noncumulative preferred stocks?
  9. What is a cash dividend?
  10. What are the Journal entries for declaring and subsequently paying a dividend?

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