The Variation of Trusts Act 1958 Expressly Confirming That the Purpose

question 16

True/False

The Variation of Trusts Act 1958 expressly confirming that the purpose behind its enactment was to remedy the restrictive decision in Chapman v Chapman.

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Definitions:

Line Item

A specific and individual entry recorded in a financial statement or budget that represents income, expense, asset, or liability.

Closing Inventories

The total value of goods available for sale at the end of an accounting period, recorded on the balance sheet.

Non-Controlling Interests

The portion of equity in a subsidiary not attributable directly or indirectly to the parent company, sometimes referred to as minority interest.

Retained Earnings

Profits that a company retains for reinvestment in its operations, rather than distributing to shareholders as dividends.