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13) (t poind) Preferred stock is called preferred because it usually has two preferences over commuon stock. These preferences relate to: A) Higher par value and payment of dividends. B) Distribution of assets if the corporation is dissolved and higher par value. C) Payment of dividends and voting rights. D) Distribution of assets if the corporation is dissolv: 14) (I point) Retained Earmings represent a company's: A) Extra paid-in capital from investors. B) Net income less dividends since the company first began operations. C) Total liabilities to lenders net of amounts already paid. D) Undistributed net assets at a point in time. 15) (1 point) The revenue recognition principle states that: A) Revenue should be recognized in the balance sheet. B) Revenue is a component of common stock. C) Revenue should be recognized in the period goods and services are provided. D) Revenue should be recognized in the period the cash is received. I6) (I point) The basic principle involved with expense recognition is: A) The business will continue to operate indefinitely unless there is evidence to the contrary. B) The business is separate from its owners. recorded in the period the revenue is recognized. D) All transactions are recorded at the exchange price. 17) (1 point) For each transaction recorded in an accounting system, the basic cquation that must be maintained at all times is: A) Cash Increases = Cash Decreases. B) Assets = Liabilities. C) Revenues = Expenses + Dividends. D) Assets = Liabilities + Stockholder' Fquity