Which of the Following Statements Is Not Correct

question 87

Multiple Choice

Which of the following statements is not correct?

• A)The Paid-in Capital in Excess of Par Value-Common Stock account appears in the Stockholders' Equity section of the balance sheet.
• B)The Subscriptions Receivable account is shown in the Stockholders' Equity section of the balance sheet.
• C)The balance of the Common Stock account appears in the Stockholders' Equity section of the balance sheet.
• D)The balance of the Preferred Stock account appears in the Stockholders' Equity section of the balance sheet.

---

Definitions:

Federal System of Government

A form of governance where power is divided between a central (federal) government and individual state or provincial governments.

Charter of Rights and Freedoms

A foundational document in Canada that guarantees fundamental rights and freedoms to its citizens and residents.

Paramountcy

The principle that when a matter is addressed by both valid federal and provincial legislation and there is a conflict, the federal legislation takes precedence.

Supreme Court of Canada

The highest court in Canada, serving as the final appellate body in the Canadian legal system.