If a Corporation Has Only One Class of Stock,it Is

question 24

Multiple Choice

If a corporation has only one class of stock,it is _____.

• A) common stock
• B) preferred stock
• C) cumulative stock
• D) convertible stock

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Definitions:

Income Statement

A financial statement that shows a company's revenues, expenses, and profit or loss over a specific period.

Adjusting Entry

Adjusting entries are journal entries made in accounting records at the end of an accounting period to allocate income and expenditures to the period in which they actually occurred.

Income Statement

A financial statement that shows a company's revenues, expenses, and net income over a specific period, highlighting operational performance.

Total Asset Turnover

A financial ratio that measures a company's efficiency in using its assets to generate sales, calculated as net sales divided by average total assets.