If a companys board of directors designates a portion of earnings for a particular purpose due to
Question:
If a company’s board of directors designates a portion of earnings for a particular purpose due to legal or contractual obligations, they are designated as ________.
A. Retained earnings payable
B. Appropriated retained earnings
C. Cumulative retained earnings
D. Restricted retained earnings
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Option d is correct ie Restricted retained earnings ...View the full answer
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Related Book For 
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
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