Where There Is a Redemption of Preference Shares 'Out of Profit

question 12

Multiple Choice

Where there is a redemption of preference shares 'out of profit':

• A) The redemption is recorded in the appropriations section of the profit and loss account.
• B) The redemption is recorded as an expense.
• C) The redemption is recorded as a liability and is amortised over a maximum of five years.
• D) The redemption is not recorded in the current period.

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Definitions:

Patriotism

The feeling of love, devotion, and sense of attachment to one’s country and its values, often expressing pride in national achievements and a willingness to defend it.

American Economic System

A hybrid system combining elements of capitalism and government regulation, with a significant emphasis on private ownership and free-market principles.

Eugenics

A set of beliefs and practices aimed at improving the genetic quality of the human population, often associated with unethical and forced sterilization policies in the past.

American Population

The total number of people living in the United States, encompassing a diverse range of ethnic, racial, and cultural backgrounds.