Distinguish between Cum-dividend and ex-dividend.

CPA-Financial-Management-Section-3 Revision kit

Cum – dividend – the share price indicates the d.p.s declared but the shareholders register is not yet closed. Buyer of shares has right to receive dividends.
Ex – dividend – the share price does not include d.p.s declared. The shareholders register has been closed. Buyer has no right to receive dividends.

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