Question
Which of the following statements is true? A. No journal entries are needed to appropriate or restrict retained earnings. B. Both appropriations and restrictions of
Which of the following statements is true?
A.No journal entries are needed to appropriate or restrict retained earnings.
B.Both appropriations and restrictions of retained earnings require journal entries.
C.Appropriations of retained earnings require journal entries, but restrictions on retained earnings are usually reported in notes to the financial statements.
D.Restrictions on retained earnings must be journalized, but appropriations are usually reported in notes to the financial statements.
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Accounting for Governmental and Nonprofit Entities
Authors: Jacqueline L. Reck, James E. Rooks, Suzanne Lowensohn, Daniel Neely
18th edition
1260190080, 1260190083, 978-1259917059
