(Solved): 01. When shares with par value are sold, the excess of the proceeds over the aggregate par value o ...

01. When shares with par value are sold, the excess of the proceeds over the aggregate par value of the shares issued is credited to a. Share capital c. Retained earnings b. Share premium d. Gain on issuance of share capital 02. When shares without par value are sold, the proceeds shall be credited to a. Share capital b. Shareholders' equity c. Share capital to the extent of the stated value and any excess is credited to share premium. d. Share premium 03. If the shares are issued for noncash consideration, the proceeds shall be measured by the a. Fair value of the shares issued b. Fair value of the noncash consideration received. c. Par value of the shares issued d. Consideration of the noncash consideration received. 04. If shares are issued to extinguish a financial liability, what is the initial measurement of the shares issued? a. Par value of the shares issued. c. Fair value of liability extinguished b. Fair value of the shares issued. d. Book value of the shares issued 05. When shares are issued for services received, the measure is equal to a. Fair value of such services c. Book value of the shares issued b. Par value of the shares issued d. Fair value of the shares issued 06. The cost of treasury shares acquired for noncash consideration is usually measured by the a. Carrying amount of the noncash asset surrendered b. Fair value of the noncash asset surrendered c. Fair value of the treasury shares d. Book value of the treasury shares 07. The total cost of treasury shares shall be reported as a. Deduction from shareholders' equity c. Deduction from retained earnings b. Financial asset d. Deduction from share premium 08. If treasury shares are reissued for noncash consideration, the proceeds shall be measured by a. Fair value of the treasury shares b. Fair value of the noncash consideration received c. Carrying amount of the noncash consideration received d. Carrying amount of the treasury shares 09. Gains and losses on retirement of treasury shares shall not be included in the profit or loss. If the retirement results in gain, such gain shall be credited to a. Share premium c. Share capital b. Retained earnings d. Income