Statement 1: Appropriation for retained earnings do not change both on the total amount of shareholder's equity and total retained earnings. Statement 2: Appropriated Retained Earnings account is created for the purpose of insuring the payment of dividends. Statement 3: Appropriated Retained Earnings does not mean that assets are segregated for a specific purpose. Statement 4: The only proper way to eliminate an appropriation of retained earnings after it has served its purpose is to reclassify/revert to the unappropriated retained earnings. * A O All statements are correct O Only one (1) of the statements are correct O Only two (2) of the statements are correct All statements are incorrect O Only three (3) of the statements are correct

Statement 1: Appropriation for retained earnings do not change both on the total amount of shareholder's equity and total retained earnings. Statement 2: Appropriated Retained Earnings account is created for the purpose of insuring the payment of dividends. Statement 3: Appropriated Retained Earnings does not mean that assets are segregated for a specific purpose. Statement 4: The only proper way to eliminate an appropriation of retained earnings after it has served its purpose is to reclassify/revert to the unappropriated retained earnings. * A O All statements are correct O Only one (1) of the statements are correct O Only two (2) of the statements are correct All statements are incorrect O Only three (3) of the statements are correct

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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