The Nice Corporation Issues 10,000 Preference Shares with a $100

question 263

Multiple Choice

The Nice Corporation issues 10,000 preference shares with a $100 par value for cash at $110 per share. The entry to record the transaction will consist of a debit to Cash for $1,100,000 and a credit or credits to

• A) Share Capital-Preference for $1,100,000.
• B) Share Premium-Preference for $1,000,000.
• C) Share Capital-Preference for $1,000,000 and Retained Earnings for $100,000.
• D) Share Capital-Preference for $1,000,000 and Share Premium-Preference for $100,000.

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Definitions:

Kaufman Assessment Battery

A comprehensive clinical instrument for assessing cognitive development in children and adolescents.

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A broad category of brain diseases that cause a long-term and often gradual decrease in the ability to think and remember, significantly affecting an individual's daily functioning.

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The set of cognitive operations involved in interpreting and making sense of visual stimuli, such as images and patterns.

Basal Level

The basal level is the minimum level of competency or knowledge required to understand or perform a specific task.