The Property by Which Subtype Entities Possess the Values of All

question 50

Multiple Choice

The property by which subtype entities possess the values of all attributes of a supertype is called:

• A) hierarchy reception.
• B) class management.
• C) multiple inheritance.
• D) attribute inheritance.

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Definitions:

Income Summary

An account used in the closing process that summarizes the results of operations by collecting all revenue and expense account balances before determining the net income or loss.

Retained Earnings

The cumulative amount of profits that have been reinvested in the business rather than distributed to shareholders as dividends.

Dividends

Dividends disbursed to members holding shares in a corporation, generally originating from the profits of the business.

Salary Expense Accrual

An accounting practice of recognizing salary expenses incurred in a period that has not yet been paid out in order to accurately reflect the company's liabilities.