If the Balance in a Forfeited Shares Account Is Refundable

question 39

Multiple Choice

If the balance in a forfeited shares account is refundable to the owners of those shares, then the account is classified as a component of:

• A) revenue.
• B) liabilities.
• C) equity.
• D) expense.

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Definitions:

Parental Consent

Legal permission granted by a parent or guardian allowing a minor to partake in specific activities or to receive certain treatments.

Michigan Supreme Court

The highest court in the state of Michigan, responsible for deciding appeals on all matters, including those of constitutional and state law.

Abortion

The medical process of ending a pregnancy so it does not result in the birth of a child.

U.S. Supreme Court

The highest federal court in the United States, with ultimate appellate jurisdiction over all federal court and state court cases that involve a point of federal law.