BONUS Questions: 1. There is a difference between a large stock dividend and a small stock divided (you are familiar with record tne small stock dividend) - at what percentage does a stock dividend become a "large" stock dividend? AND account do you not have to record because of this difference? what Treasury stock is classified as: A. An asset account C. A contra equity account 2. B. A contra asset account D. A liability account 3. Prior period adjustments are reported in the: A. Multiple-step income statement C. Statement of retained earnings B. Balance sheet D. Statement of cash flows 4. Changes in accounting estimates are: A. Considered accounting errors C. Extraordinary items B. Accounted for with a cumulative "catch-up" adjustment D. Accounted for in current and future periods 5. The Discount on Bonds Payable account is: A. A liability C. An expense B. A contra liability D. A contra equity Based on what you know about stocks, what is the best type of stock to have? (Using the following characteristics: Preferred vs. Common, Participating vs. Nonparticipating, Cumulative vs. Noncumulative, and Convertible vs. not Convertible, Callable vs. Non-callable). Write your answer 6. 7. The type of business organization that is a separate legal entity and as such, has the same duties, rights and responsibilities as a person is a