FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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21. What does IAS 32 provide as regards to the gain from sale of treasury shares?
Group of answer choices
a. It shall be recognized in profit or loss.
b. It shall be credited to share premium.
c. It shall be credited to share capital.
d. It shall be credited to retained earnings .
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- Which of the following is true of a stock dividend?A. It is a liability.B. The decision to issue a stock dividend resides with shareholders.C. It does not affect total equity but transfers amounts between equity components.D. It creates a cash reserve for shareholders.arrow_forwardWhich of the following items would not appear in the section of the statement of financial position (balance sheet) headed 'Capital and reserves'? a) Share premium b) Revaluation reserve c) Preference shares d) Debenturesarrow_forwardFor fi nancial assets classifi ed as held to maturity, how are unrealized gains and losses refl ected in shareholders’ equity?B . Th ey fl ow through retained earnings.arrow_forward
- Should preference shares be disclosed as equity or as debt?arrow_forwardThe Share Premium-Ordinary account represents the amount of legal capital. is reported as part of equity on the statement of financial position. is credited when a no-par share does not have a stated value. normally has a debit balance. OOOarrow_forwardA major difference between IFRS and GAAP relates to the Revaluation surplus account. Retained earnings account. Share capital account. Share premium account.arrow_forward
- Please do not give solution in image format ?arrow_forwardWhen the selling price of treasury shares is greater than its cost, the company credits the difference to a.Gain on Sale of Treasury Shares. b.Share Premium–Treasury. c.Treasury Shares. d.Share Premium–Ordinary.arrow_forwardWhich of the following would NOT be reported for capital stock in the contributed capital section of a classified balance sheet? Group of answer choices A.Dividends per share B.Shares issued C,Shares outstanding D.Shares authorizedarrow_forward
- .What account should be debited when stock issuance costs are associated with the initial issuance of stock at incorporation? Group of answer choices a. Organization Expense b. Additional Paid-in Capital c. Organization Costs d. Common stockarrow_forwardAll of the following would appear in the contributed capital section of shareholders' equity on the balance sheet except a. bonds payable b. additional paid-in capital from stock conversions c. preferred stock d. share rights and optionsarrow_forwardDistinguish between accounting for retired shares and for treasury shares.arrow_forward
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