Two Classifications Appearing in the Contributed Capital Section of the Balance

question 91

Multiple Choice

Two classifications appearing in the contributed capital section of the balance sheet are

• A) preferred shares and common shares.
• B) contributed capital and retained earnings.
• C) share capital and contributed surplus.
• D) share capital and retained earnings.

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Definitions:

Progressive

A political and social philosophy advocating for reform and improvements in social justice, welfare, and the protection of civil liberties.

Regressive

A term describing a tax system where the tax rate decreases as the taxable amount increases, disproportionately affecting those with lower incomes.

Payroll Tax

Taxes imposed on employers and employees, calculated as a percentage of the salaries that employers pay their staff.

Federal Personal Income Tax

A tax levied by the federal government on the yearly income of individuals, with the rate applied varying according to the income level.