IFRS Uses Each of the Following Terms to Describe Retained

question 44

Multiple Choice

IFRS uses each of the following terms to describe retained earnings except

• A) accumulated profit or loss.
• B) retained earnings.
• C) retained profits.
• D) share earnings.

---

Definitions:

Petty Cash

A small amount of cash kept on hand for making immediate payments for miscellaneous small expenses in an office or business.

Purchase Requisition

A document used in the procurement process to request authorization for a purchase order.

Department Manager

An individual responsible for overseeing the operations, personnel, and budget of a specific department within a company.

Petty Cash Account

A small amount of cash kept on hand for making immediate payments for miscellaneous small expenses.