Treasury stock is
A. a stock of an outside corporation which is purchased and held as an investment in the treasury
B. corporate stock issued by the treasurer of a company
C. stock issued by the U.S. Treasury Department
D. a corporation's own stock which has been reacquired
Ans: D. a corporation's own stock which has been reacquired
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Popson Inc. incurred a material loss which was not unusual in character, but was clearly an infrequent occurrence. This loss should be reported as:
A. An extraordinary loss. B. A separate line item between income from continuing operations and income from discontinued operations. C. A separate line item within income from continuing operations. D. A separate line item in the retained earnings statement.
The FASB conceptual framework consists of all of the following except:
a) objectives b) qualitative characteristics c) recognition and measurement d) elements e) concepts