ACC II First OA Review

Front

A return of merchandise to the vendor results in a

Back

credit to Purchases Returns and Allowances

Front

Which of the following stockholders' equity accounts has a normal debit balance? dividends, capital stock, income summary, paid-in capital in excess of par

Back

dividends

Front

At the end of the fiscal period, the balance of Dividends is closed to

Back

retained earnings

Front

Net income increases a corporation's total stockholders' equity.

Back

true

Front

A corporation's Dividends account is a temporary account.

Back

true

Front

Transactions that cannot be recorded in a special journal are recorded in a general journal.

Back

true

Front

Entries in the general journal only affect account balances in general ledger accounts.

Back

false

Front

The stockholders' equity account, Dividends, has a normal credit balance.

Back

false

Front

A general journal entry posted to Accounts Payable will also be posted to an accounts payable account.

Back

true

Front

A corporation can decide if and when to declare a dividend.

Back

true