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The liabilities listed after Equity on the balance sheet (st

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The liabilities listed after Equity on the balance sheet (statement… The liabilities listed after Equity on the balance sheet (statement of financial position) are more associated with financial statements prepared in accordance with International Financial Reporting Standards.TrueFalseQUESTION 2The investment revaluation reserve is most associated with financial statements prepared in accordance with the U.S. GAAPTrueFalseQUESTION 3A net loss for the year will decrease retained earningsTrueFalseQUESTION 4Stock dividends cause a reduction in retained earnings, but never reduce total shareholders’ equity.TrueFalseQUESTION 5The above service costs will likely be reported in the income statement as net income rather than in the statement of comprehensive income as other comprehensive income.TrueFalseQUESTION 6Two of the top three account classifications within equity are:Preferred Stock and Retained EarningsThe par value of common shares and retained earningsEarned capital and retained earningsPreferred and common sharesQUESTION 7Preferred shares are more associated with financial statements prepared in accordance with U.S. GAAPTrueFalseQUESTION 8Loss on pension plan assets will likely be recorded in the income statement as Net Income rather than in the statement of comprehensive income as Other Comprehensive Income.TrueFalseQUESTION 9Preferred shares are more associated with financial statements prepared in accordance with the U.S. GAAPTrueFalseQUESTION 10Basic earnings per share ignores all potential ordinary sharesTrueFalseQUESTION 11Preferred stock is called preferred because it usually has two preferences. These preferences relate to:Dividends and voting rightsPair value and dividendsThe preemptive right and voting rightsAssets at liquidation and dividendsQUESTION 12Capital paid in excess of equality is more associated with financial statements prepared in accordance with the U.S. GAAPTrueFalseQUESTION 13Accumulated other comprehensive income is presented in the balance sheet as a component of equity.TrueFalseQUESTION 14Treasury stock transactions never increase retained earnings or net incomeTrueFalseQUESTION 15Section 718 of the FASB coding deals with stock optionsTrueFalseQUESTION 16In February, 2013, Galligan’s declared cash dividends of $ 12 million to be paid in April of that year. What effect did the April transaction have on Galligan’s accounts?Decreased assets and liabilitiesDecreased assets and shareholders’ equity.Increased liabilities and decreased shareholders’ equityNone of the above is correctBusinessAccountingACG 4111

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