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Book Cover
Financial and Managerial Accounting: The Basis for Business Decisions, 12/e
Jan R. Williams, University of Tennessee
Susan F. Haka, Michigan State University
Mark S. Bettner, Bucknell University
Robert F. Meigs

Income and Changes in Retained Earnings

True/False Quiz

Please answer all questions



1

Events which are unusual in nature and occur infrequently should be shown separately in the income statement as extraordinary gains and losses even though the dollar amounts are not material.
A)True
B)False
2

The statement of retained earnings need not be prepared if a separate statement of stockholders' equity is prepared for the same accounting period.
A)True
B)False
3

The statement of retained earnings shows the revenue, expenses, and dividends for the accounting period.
A)True
B)False