Treasury stock is classified as: A. An asset account B. A contraasset account C. A contra equity account D. A liability accountPrior period adjustments are reported in the: A. Multiple-stepincome statement B. Balance sheet C. Statement of retained earningsD. Statement of cash flows Changes in accounting estimates are: A.Considered accounting errors B. Accounted for with a cumulative"catch-up" adjustment C. Extraordinary items D. Accounted for incurrent and future periods The Discount on Bonds Payable accountis: A. A liability B. A contra liability C. An expense D. A contraequity Based on what you know about stocks, what is the best typeof stock to have? (Using the following characteristics: Preferredvs. Common, Participating vs. Nonparticipating, Cumulative vs.Noncumulative, and Convertible vs. not Convertible, Callable vs.Non-callable). Write your answer. The type of business organizationthat is a separate legal entity and as such, has the same duties,rights and responsibilities as a person is a____________________________.