Which of the Following Statements Is True About Entering Additional

question 14

Multiple Choice

Which of the following statements is true about entering additional information for journal entries -

• A) you can record any comment and/or date as additional information for journal entries
• B) additional information fields are available only to record cheque numbers for customer receipts
• C) the additional information fields are the same in all journals
• D) a and c above are correct

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Definitions:

Consolidation

The process of combining the financial statements of separate companies into a single, aggregated financial statement.

Consolidated Retained Earnings

The cumulative amount of earnings of a corporation and its subsidiaries after dividends have been paid, as reported in consolidated financial statements.

Retained Earnings

The portion of net profits left in the company after dividends have been paid to shareholders.

Voting Shares

Shares that give the shareholder the right to vote on matters of corporate policy and the election of board members.