Which of the Following Items Affecting Retained Earnings During a Period

question 14

Multiple Choice

Which of the following items affecting retained earnings during a period could be reported in the financing activities section of the statement of cash flows?

• A)Cash dividends paid only
• B)Profit for the period only
• C)Both cash dividends paid and profit for the period
• D)Neither cash dividends paid nor profit for the period

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Definitions:

RUPA

The Revised Uniform Partnership Act, which provides a legal framework for the operation of partnerships in the United States.

Intent

The state of mind with which an act is done, characterized by a decision to bring about a specific result, often a crucial aspect in both criminal and contract law.

Limited Liability

A legal status where a person's financial liability is limited to a fixed sum, most commonly the value of a person's investment in a company or partnership.

Income Taxes

Taxes imposed by the government on the income earned by individuals and businesses over a fiscal period.