The Ending Balance of the Retained Earnings Account Appears in

question 65

Multiple Choice

The ending balance of the retained earnings account appears in

• A) both the statement of stockholders' equity and the income statement
• B) only the statement of stockholders' equity
• C) both the statement of stockholders' equity and the balance sheet
• D) both the statement of stockholders' equity and the statement of cash flows

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Definitions:

IFRS

The International Financial Reporting Standards (IFRS) are a set of accounting standards developed by the International Accounting Standards Board (IASB) that serve as a global framework for how public companies prepare and disclose financial statements.

Restated

The revision and publication of previously issued financial statements to correct errors or to adjust for changes in accounting policies.

Comprehensive Income

Comprehensive income is the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owner sources, including all non-owner changes in equity not resulting from investments by owners and distributions to owners.

Noncumulative Preferred Stock

A type of preferred stock where dividend payments are not accrued if they are not declared by the company's board in a particular period.