In a Company Statement of Financial Position, the Balance of Retained

question 5

Multiple Choice

In a company statement of financial position, the balance of retained profit at the end of the period is equal to:

• A)profit for the period.
• B)retained profit at the beginning of the period plus profit minus dividends declared.
• C)profit less losses.
• D)retained profit at the beginning of the period plus profit.

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Definitions:

Bailment

A contractual agreement in which the physical control of an item of personal property is handed over from one individual to another, with an agreement that the item will be returned.

Gift Causa Mortis

A gift that is given by someone in anticipation of imminent death, which becomes effective only if the donor dies as anticipated.

Contemplation of Death

A legal concept often used in estate planning, referring to actions made with the awareness that one's death is imminent, especially in the context of gifting property.

Fear of Death

A psychological condition characterized by an extreme dread or apprehension of the thought of death or the dying process.