11.The terms "authorized, issued, and outstanding" are commonly used to describe shares of capital stock. Carefully distinguish among those terms as you define and describe each. "Authorized...

11.The terms "authorized, issued, and outstanding" are commonly used to describe shares of capital stock. Carefully distinguish among those terms as you define and describe each.

"Authorized shares" refers to the maximum number of shares of a class of stock that may be sold

12.At its December 15 Board of Directors meeting, the Bank of Geneva voted a 2-for-1 split of its common stock and raised its common-share dividend 5.7%. The bank made the announcement at its annual meeting later that month and reported that the stock split and cash dividend would be paid March 20 to shareholders of record March 5. In a statement, a Bank of Geneva official said the changes "reflect the bank's confidence in its improved financial position over the past few years."

Define and discuss a stock split, being careful to point out the effects that such an action has on an investor in this firm. Separately, define the terms "date of record," "date of declaration," and "date of payment" and illustrate how they are related to the cash dividend in the above facts.