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1 Under IFRS, companies must prepare a statement of comprehensive income. This statement will include all items that result in changes to shareholders equity, except

1

Under IFRS, companies must prepare a statement of comprehensive income. This statement will include all items that result in changes to shareholders equity, except for dividends and the sale or repurchase of shares. This statement must be prepared using

an all-inclusive format.

a separate statement.

either an all-inclusive format or a separate statement.

neither an all-inclusive format or a separate statement.

5.

A common stock dividend results in a decrease in retained earnings and an increase in common shares at

the average cost of the shares issued.

the fair value of shares issued at the declaration date.

the fair value of shares issued at the distribution date.

the weighted average cost of the shares issued.

6.

At January 1, the beginning of the year, a company had 10,000 common shares outstanding. On February 19, the company issued 2,000 shares; and on September 9, the company declared and distributed a 10% stock dividend. At the end of the year, how many common shares are outstanding?

12,000

11,000

13,000

13,200

7.

When a company with no contributed surplus reacquires its own shares at a cost greater than their average per share amount, the loss is debited to

Loss on Reacquisition of Common Shares.

Common Shares.

Retained Earnings.

Contributed Surplus Reacquisition of Shares.

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