In Which Account Would "Transactions with Owners" Be Reported

question 34

Multiple Choice

In which account would "transactions with owners" be reported?

• A)Appropriated reserves.
• B)Unappropriated retained earnings.
• C)Contributed surplus.
• D)Accumulated other comprehensive income.

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Definitions:

Credits

In accounting, credits are entries that decrease assets or increase liabilities and equity on a company's balance sheet.

Double-entry Bookkeeping System

A method of bookkeeping where every entry to an account requires a corresponding and opposite entry to a different account, ensuring the accounting equation is always in balance.

Fraud

A deliberate deception to secure unfair or unlawful gain, or to deprive a victim of a legal right.

Trial Balance

A bookkeeping report that lists the balances in each general ledger account at a specific time, ensuring that debits equal credits.