During 20X4, a Large Shareholder of Seremban Ltd Donated Some

question 22

Multiple Choice

During 20X4, a large shareholder of Seremban Ltd donated some inventory to Seremban Ltd with a fair value of $1 million.This $1 million is an asset and:

• A)a liability to Seremban Ltd
• B)a revenue to Seremban Ltd
• C)a part of equity of Seremban Ltd
• D)a contingent liability of Seremban Ltd

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Definitions:

Old Southwest

The southwestern territories of the United States during the 19th century, before the expansion further west, often referring to areas like Alabama, Mississippi, and parts of Louisiana.

State Governments

The individual governing bodies of each of the fifty states in the United States, each with its own constitution and government apart from the federal government.

Democratic

Relating to a system of government where power is vested in the people, who rule either directly or through freely elected representatives.

Slave Labor

The forced labor of people treated as property (slaves), commonly used without pay and under threat of violence.