The term deficit refers to
a. an excess of expenses over revenues for one given operating period.
b. a Retained Earnings account with a debit balance.
c. an excess of actual expenses over amounts budgeted for those expenses.
d. income of a prior period that was overstated when it was first reported.
B
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A purchasing system that employs electronic data interchange does not use a purchase order
Indicate whether the statement is true or false
Which of the following is/are true?
a. Preferred shares usually entitle their holders to dividends at a certain rate, which the firm must pay before it can pay dividends to common shareholders. b. Firms may sometimes postpone or omit preferred dividends. c. Most preferred shares have cumulative dividend rights. d. all of the above e. none of the above
During the current year, the Yankton Company purchased 200 shares of in the Sorros Company for $13,000 as a temporary investment. At the end of the year, the market value of the stock was $11,000. The Yankton Company's financial statements for the current year should show
A) a loss of $2,000 on the income statement and temporary investments of $13,000 on the balance sheet B) no loss on the income statement and temporary investments of $13,000 on the balance sheet C) a gain of $2,000 on the income statement and temporary investments of $11,000 on the balance sheet D) a loss of $2,000 on the income statement and temporary investments of $11,000 on the balance sheet
The ____ action used with an explicit cursor clears the active set of rows and frees the memory area used for the cursor.
A. CLOSE B. OPEN C. DECLARE D. FETCH