The Dividends account a) appears on the income statement along with the expenses of the business. b) is not a proper subdivision of retained earnings. c) is increased with debits and decreased with credits. d) must show transactions every accounting period.
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Dividend is actually what is paid to share holder. it is is distribution of profit that company pay as a proportion to what it éarn to shareholders.Company earning are either retain as a Retain Earning or paid to shareholders as dividend.
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- Which of the following accounts would not be reported under revenue on a simple income statement? A. interest revenue B. net sales C. rent revenue D. operating expensesConsider the following transactions associated with accounts receivable and the allowance for uncollectible accounts.Required:For each transaction, indicate whether it would increase (I), decrease (D), or have no effect (NE) on the account totals. (Hint: Make sure the accounting equation, Assets = Liabilities + Stockholders’ Equity, remains in balance after each transaction.)Which of the following is false regarding the balancesheet?a. The accounts shown on a balance sheet represent thebasic accounting equation for a particular business.b. The retained earnings balance shown on the balancesheet must agree with the ending retained earnings balance shown on the statement of retained earnings.c. The balance sheet summarizes the net changes in specific account balances over a period of time.d. The balance sheet reports the amount of assets, liabilities,and stockholders’ equity of a business at a point in time.
- Earnings per share should be reported separately for a).depreciable assets. b).discontinued operations. c).an error in applying generally accepted accounting principles. d).changes from one generally accepted accounting principle to another.When an account receivable is “recovered”a. Total assets increase.b. Total assets decrease.c. Stockholders’ equity increases.d. None of the aboveA debit balance in the Income Summary account represents a net loss. O True False
- Which of the following is a permanent account? a. Dividends Distributed b. Allowance for Doubtful Accounts c. Interest Expense d. SalesUnder the allowance method of uncollectible accounts, the entry to write off a customer’s account affects the accounting equation by: decreasing an asset and decreasing stockholders’ equity (expense) increasing an asset and decreasing an asset increasing a liability and decreasing a liability decreasing a liability and increasing stockholders’ equity (revenue)Which of the following normally has a net credit balance? A. Asset accounts such as cash, accounts receivable, inventory, and equipment B. Expenses that decrease retained earnings C. Dividends that decrease retained earnings D. Revenues that increase retained earnings
- Debits increase accounts . . . For assets and expenses Never Always For income statement accountsWhich of the following accounts does not increase with a debit entry?A. Retained EarningsB. BuildingsC. Prepaid RentD. Electricity ExpenseExpenses unpaid at the end of a given accounting period is known as ___. a. Unearned revenues b. Accounts payable c. Bank overdrafts d. Outstanding expenses