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1·The cumulative preferred stocks are the preferred stocks that all previously unpaid preferred stock dividends must be paid before any dividends may be paid on the common stock.

—累积优先股是这样一种优先股，所有以前未支付的优先股股利必须在普通股股利支付之前支付。

2·The cumulative preferred stocks are the preferred stocks that all previously unpaid preferred stock dividends must be paid before any dividends may be paid on the common stock.

累积优先股是这样一种优先股，所有以前未支出的优先股股利必需在通俗股股利支出之前支出。

3·Depending upon whether the preferred stock is cumulative or non-cumulative (discussed in M2T1), even preferred shareholders may not be sure of receiving dividend payments on a regular basis.

优先股股东并不确定会收到固定的优先股股息，可能是累积股息或非累积股息。