quizz 3.2 - A person who wants to determine the balance of...

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A person who wants to determine the balance of a particular account should refer to the A) ledger. B) source document. C) chart of accounts. D) journal. Points Earned: 5.0/5.0 Correct Answer(s): A 2. Which statement is incorrect? A) Dividends represent a distribution by a corporation to its stockholders. B) Dividends are shown on the income statement. C) Dividends reduce stockholders’ equity, thus the Dividends account increases on the left side. D) The Dividends account has a normal debit balance. Points Earned: 0.0/5.0 Correct Answer(s): B 3. Transactions are entered in the ledger first and then they are analyzed in terms of their effect on the accounts. A) True B) False Points Earned: 5.0/5.0 Correct Answer(s): False 4. The primary purpose of the trial balance is to: A) disclose the complete effect of a transaction in one place. B) make sure a journal entry is not posted twice. C) transfer journal entries to the ledger accounts. D) prove the equality of the debit and credit amounts after posting. Points Earned: 5.0/5.0 Correct Answer(s): D
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5. Debits
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This note was uploaded on 06/21/2011 for the course GOVT 1301 taught by Professor Capentor during the Spring '11 term at Cy-Fair College.

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quizz 3.2 - A person who wants to determine the balance of...

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