The Following Information Was Extracted from the Accounting Records of Plum

question 16

Multiple Choice

The following information was extracted from the accounting records of Plum Company: At December 31,2011,what is the total amount of liabilities?

• A)$45,000
• B)$150,000
• C)$157,000
• D)$272,000

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Definitions:

Revaluation

The process of adjusting the carrying value of an asset or liability to reflect its current market value.

Journal Entries

Records that detail all the financial transactions of a business, used in the double-entry bookkeeping system.

Accounting Standards for Private Enterprises

Specific accounting guidelines tailored for private companies to ensure transparency, comparability, and clarity in financial reporting.

Dividends

Distributions of a portion of a company's earnings, decided by the board of directors, to a class of its shareholders.