Shares that carry a cumulative right to back-dividends if a company omits dividend payments in prior years are called:

Explanation

Core Concept: Cumulative preferred stockholders are entitled to receive any passed or skipped dividends (dividends in arrears) before any common stockholders can receive cash dividends. Context/Distractors: Non-cumulative preferred stock forfeits skipped dividends forever. Treasury stock is reacquired stock held in company treasury. Exam Tip/Key Fact: Dividends in arrears on cumulative preferred stock are reported in notes, not as balance sheet liabilities, until declared.