The dividends account should be:
A) Closed to income summary.
B) Closed to retained earnings.
C) Closed only if there is a profit.
D) Not closed at all.
Correct Answer:
Verified
Q40: Measures of profitability tell us how quickly
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Q43: The closing entry for an expense account
Q44: The Income Summary account has debits of
Q46: A statement of retained earnings shows:
A)The changes
Q47: Dividends declared:
A)Reduce retained earnings.
B)Increase retained earnings.
C)Reduce net
Q48: All of the following statements are true
Q49: The concept of adequate disclosure:
A)Demands a "good
Q50: In the notes to financial statements,adequate disclosure
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