Ch. 11 Accounting Test Review

A corporation must declare dividends every fiscal period.

• true

• false

A _______ issued by a vendor results in the vendor recording a credit to the customer's account

• debit memorandum

• credit memorandum

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

• true

• false

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

• debit

• credit