A(n) ________ Occurs When There Is a Transfer of Both

question 37

Multiple Choice

A(n) ________ occurs when there is a transfer of both rights and duties under a contract.

• A) assignment and delegation
• B) declaration of duties
• C) assumption of duties
• D) discharge

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Definitions:

Cash Dividends

Distributions of a company's earnings to shareholders in the form of cash.

Dividends Payable

A liability recorded when a company declares dividends but has not yet paid them to shareholders.

Cash Payments

Outflows of cash made by a business, including expenses, creditor payments, and other liabilities, during a specific period.

Statement of Cash Flows

It's a financial document summarizing the total cash entering a company from operational earnings and investment revenues, as well as the cash spent on business-related activities and investment outlays during a specific period.