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Restrictions of retained earnings may result from each of the following except: voluntary restrictions. prior period adjustment restrictions.

/in /by

Question

1. Restrictions of retained earnings may result from each of the following

except:

voluntary restrictions.
prior period adjustment restrictions.
legal restrictions.
contractual restrictions.

2. Each of the following decreases retained earnings except:

large stock dividends.
stock splits.
cash dividends.
small stock dividends.
3. Restrictions of retained earnings:are reported on the balance sheet as liabilities.are reported as expenses on the income statement.provide insurance coverage for contingencies.do not change total stockholders’ equity.

4. Ownership of common stock ordinarily carries the right to:establish a drawing account.vote on corporate actions that require stockholder approval.declare dividends.enter into contracts for the corporation.5. A corporation is formed when:it is granted by-laws by the federal government.None of the other choices are correct.it receives a charter from its president.it borrows money.6. Which of the following may either increase or decrease retained earnings?Prior period adjustments.Disposals of treasury stock.Net income.Stock dividends.7. Common Stock Dividends Distributable is reported in the balance sheet:in paid-in capital as an addition to common stock issued.as a liability.as an addition to retained earnings.as an asset8. The account Unrealized Loss—Income is reported:in the operating section of the income statement.in the other expenses and losses section of the income statement.as a contra account in the stockholders’ equity section of the balance sheet.as a contra account in the current asset section of the balance sheet.9. The cost method of accounting for long-term investments in common stock is typically used when the investor:recognizes any goodwill when preparing consolidated financial statements.has a controlling interest.owns between 20% and 50% of the investee’s outstanding common stock.owns less than 20% of the investee’s common stock.
 
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