s it true of false that stock sold for amounts in excess of par value results in a gain reported on the income statement?
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- Is it true of false that stock sold for amounts in excess of par value results in a gain reported on the income statement?
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- True or False: When stock is issued for more than its par value, the excess is considered to be an expense and should be reported on the income statement. Select one: O True FalseIs there a consequence for reported profit or loss if a particular financial instrument, for example, a preference share, is designated as debt rather than equity? Explain the consequence.Which of the following does not appear in a statement of retained earnings? a. Net loss b. Prior period error c. Preference share dividend d. Other comprehensive income
- what are the examples of Items that can be adjusted directly against equity rather than including profit or loss?Dividends are sometimes said to have been paid “out of retained earnings.” What is the error, if any, in that statement?Which of the following is not a defining feature of common stock? a residual claim on assets voting rights a residual claim on cash flows a fixed return
- Which of the following does not decrease retained earnings? Select one: a. Stock dividends b. Cash dividends c. Net loss d. Net incomeWhen treasury stock is sold below cost, the Paid-in Capital, Treasury Stock account is debited for the excess of the cost the selling price but not to exceed the credit balance. True or False True FalseWhich of the following is False in regards to Share premium account? a. It will be shown under the shareholders equity b. It will be collected when the issue price is more than the par value of shares c. It will be collected when the par value of share is more than the issue price d. It will not be shown under current assets in the balance sheeting
- Which of the following statements is false? a. the common stock account has a credit balance. b. the additional paid-in capital account has a credit balance. c. common stock may be issued for more than par value. d. the par value of common stock represents the stock's market value.True or False: Dividends declared and paid result in a decrease to the common stock's account balance. Select one: True FalseChoose the correct answer: Equity security acquired for non-trading and the shares are not enough to warrant significant influence should be measured at the end of the period a. cost, being the purchase price b. cost, being the purchase price plus transaction costs c. fair value, with change in FV taken through profit or loss. d. fair value, with change in FV taken through other comprehensive income
