When a company has a credit balance in its Deferred Tax account, this amount would appear as a(n) Oa. contra asset on the balance sheet. Ob. expense account on the income statement Oc. liability account on the balance sheet. Od. stockholders' equity account on the balance sheet. w progress=false All of the following statements are true except Oa. the lease criteria under IFRS are to be used as guidelines rather than rules. Ob. the criteria to determine whether a lease contract should be considered a capital lease are applied in a more rigid way under IFRS than US GAAP Oc. IFRS require more accounting judgment than U.S. GAAP in the determination of whether a lease is classified as an operating lease or a capital lease Od. the criteria to determine whether a lease contract should be considered a capital lease are applied in a more rigid way under US GAAP than IFRS Locator &inprogress=false B Port, Inc. paid a cash dividend on January 2 that had been declared prior to the end of its fiscal year. The entry to pay the dividend will Oa. increase Cash and increase Cash Dividend Payable Ob. decrease Cash Dividend Payable and decrease Cash Oc. decrease Cash Dividend Payable and increase Retained Earnings Od. decrease Retained Earnings and Increase Cash Dividend Payable 0 taise 21 Using the concept of comprehensive Income, which of the following items is included as part of comprehensive income but not as part of net income? Oa. Loss on sale of investments Ob. Accounting changes Oc. Extraordinary items Od. Unrealized holding gains or losses ID Our score will be based on the number of correct matches. There is no penalty for incorrect or missing matches. Select the statement on which each of the items provided below would be reported. Clear All Issuance of common stock. Statement of stockholders' equity Net income for the period. Items that may require reporting on either statement Dividends for the period. Foreign currency translation adjustments. A * * Scoring: Your score will be based on the number of correct matches. There is no penalty for incorrect or missing matches. Carlton Industries has identified the following items and would like you to answer a few questions about their effect on Stockholders' Equity. (Items are used only once.) Clear All Dividends in arrears on Carlton preferred stock Which type of stock decreases stockholders' equity? Cash dividend declared but unpaid on Carlton stock Which item would not be recorded until declared? Treasury stock Which item decreases Retained Earnings and also credits a payable (liability)