Boston Enterprises declared and paid a dividend of $11,600 this year. The entry to close the Dividend at the end of the year will include a debit to:
A. Dividends and a credit to Dividends Payable for $11,600.
B. Dividends and a credit to Cash for $11,600.
C. Retained Earnings and a credit to Dividends for $11,600.
D. Dividends and a credit to Retained Earnings for $11,600.
Answer: C
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An internal control system consists of all the following policies and procedures except:
a. Those necessary to ensure the safeguarding of an entity's assets. b. Those necessary to ensure that cash on hand and on deposit in checking accounts is beyond the minimal amount for ongoing operations. c. Those necessary to ensure the reliability of its accounting records. d. Those necessary to ensure the accomplishment of its overall objectives.
When writing for a claim or adjustment, what should be included in the closing paragraph?
A) Specific explanation of reason for the claim B) An offering of supporting documentation such as receipts C) A request for specific action D) A statement of the problem E) The remedy being sought
The direct close describes an explicit manner of closing.
Answer the following statement true (T) or false (F)
Describe the difference between a fixed-quantity and a fixed-period inventory system?
What will be an ideal response?