Question

A liability for cash dividends is recorded: Multiple Choice When cumulative preferred stock is sold. On the date of declaration. On the date of record. On the date of payment. For dividends in arrears on cumulative preferred stock.

Answer 1

A liability for cash dividends is recorded either on the:

• date of declaration
• date of record
• date of payment.

Where are liability for cash dividends recorded?

When the dividend is declared, the company will records a liability to shareholders in the dividends payable account.

Hence, these liability are recorded on the financial records and reported on the corporation's balance sheet.

Therefore, the Option B, C and D is correct.

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