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Generally Accepted Accounting Principles (GAAP) MCQs

What is the effect of a stock split on a company's financial records?

It depends on the value of the stock and the number of shares which are split.

It creates a Credit to Common Stock.

None; it changes the number of shares outstanding but not the value of the stock.

It creates a Debit to Common Stock.

Answer

Correct Answer: None; it changes the number of shares outstanding but not the value of the stock.

Explanation:

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