Question 21 (2 points) Which of the following would NOT appear on the Retained Earnings Statement? O Dividends declared on the company's own stock. The Beginning Retained Earnings account balance. The Net Income earned during the year. Dividends Revenue earned on investments. Question 22 (2 points) A company pays $24000 for a 2 year insurance policy on November 1 this year. They chose to debit Insurance Expense. When they do their once-a-year adjusting entries on December 31. what adjusting entry should they make? dr. Prepaid Insurance $22,000 Cr. Insurance Expense $22,000 Dr. Insurance Expense $2.000 Cr. Prepaid Insurance $2.000 Dr. Insurance Expense $4.000 Cr. Prepaid Insurance $4.000 Dr. Uneamed Insurance $22.000 Cr. Earned Insurance $22.000 Question 23 points) How many of the following items would be considered part of TOTAL COMPREHENSIVE INCOME? Hint: Is the question asking about Other CI vs. TOTCI.... Operating Net Income Nonoperating Net Income Discontinued Operations Net of Tax Unrealized Gain on Long Term Investments Appropriated Retained Earnings Zero One Two Three Four Five Question 24 (2 points) What is the primary purpose of the FASB conceptual framework? The conceptual framework lays out the rules of generally accepted accounting practice The conceptual framework lays out the penalties that will be incurred in companies do not adhere to generally accepted accounting procedures To serve as a document that will help guide the FASB as it attempts lay out consistent rules for generally accepted accounting procedures To help companies understand the rules on how to account for assets. liabilities, revenues, and expenses on current financial statements