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A) I have seen general reserves as an mcq option. Can you explain how they differ from retained earnings?
B) Another question: Is the term “accumulated profits” same as retained earnings? Just wanted to be sure.
A They are a separate reserve created by a transfer from retained earnings.
B Yes – they mean the same.
Have you not watched our free lectures on this because both questions are dealt with in the lectures? The lectures are a complete free course for Paper FA and cover everything needed to be able to pass the exam well 🙂
Thank you, Sir.
Yes, I have watched all the lectures on limited companies. They are exceptional.
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