At the End of the Year a Company Declared a Final

question 34

Multiple Choice

At the end of the year a company declared a final cash dividend out of its retained earnings.The journal entry to record the declaration is:

• A)Debit Cash; credit Final Dividend Payable
• B)Debit Final Dividend Payable; credit Cash
• C)Debit Share Capital; credit Final Dividend Payable
• D)Debit Retained Earnings; credit Final Dividend Payable

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Definitions:

Grocery Industry

A sector of the economy focused on the retailing of food and supermarket-based products, including the distribution and sale of fresh, frozen, and canned foods.

Supermarket Concept

A retail model characterized by a large, self-service grocery store offering a wide variety of food and household products, organized into departments.

Formal Order Releases

Official documents issued to authorize or initiate the production or procurement of items in a manufacturing or supply chain context.

Bill Of Material

A comprehensive list detailing the raw materials, parts, and components, along with the quantities of each, needed to manufacture a product.