When dividends are declared in one fiscal year and paid in the next fiscal year, the liability for the dividend should be recorded as of the:

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When dividends are declared in one fiscal year and paid in the next fiscal year, the liability for the dividend should be recorded as of the:

A. Date the dividend is declared.
B. Last day of the fiscal year.
C. Date of record.
D. Date of payment.

Answer: A

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