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Chapter 14-Dividends
| Question | Answer |
|---|---|
| What is a stockholder? | Owner of one or more shares of a corporation. |
| What division of the chart of accounts is the owners' equity accounts for a corporation listed? | Stockholders' Equity |
| What are retained earnings? | Earnings not yet distributed to stockholders. |
| What is the normal balance for a dividends account? | Debit balance |
| What is the name for a group of people elected to manage a corporation? | Board of Directors |
| What action is required before a corporation can distribute income to its stockholders? | The Board of Directors declares a dividend. |
| A declared dividend account is something like what other type of account? | Drawing account |
| What accounts are used to record the declaration of a dividend? | Dividends and Dividends Payable |
| When a declared dividend is paid, what account is debited? | Dividends Payable |
| What is the purpose of a worksheet? | To plan adjustments and summarize the information necessary to prepare financial statements |
| When the prepaid insurance account is adjusted, what does it show? | It shows the value of insurance that has been used |
| What happens with merchandise during a fiscal period? | It is constantly increasing and decreasing |
| Most accounts that need adjusted at the end of a fiscal period have what kind of related account? | temporary account |
| Expenses should always be recorded during the same accounting period as what? | The same as when the revenue was earned |
| What kind of account is the account Allowance for Uncollectible accounts? | It is a contra account |
| Many businesses use what to estimate uncollectible accounts expense? | A percentage of total sales |
| What are current assets? | Cash and other assets expected to be exchanged for cash or consumed within a year |
| The Supplies-Office amount in a worksheets trial balance debit column represents the value of supplies when? | At the beginning of a fiscal period plus office supplies bought during the fiscal period |
| What are the two accounts used to adjust the Office Supplies account? | Supplies-Office, and Supplies Expense-Office |
| The portion of the insurance premiums that has expired during a fiscal period is classified as what? | an expense |
| The amount of goods on hand for sale to customers is called what? | Merchandise inventory |
| The two accounts used to adjust the merchandise inventory account are what? | Merchandise inventory, and income summary |
| The income summary amount in a worksheets adjustments debit column represents what? | The decrease in merchandise inventory |
| Recording expenses in the accounting period in which the expenses contribute to earning revenue is an application of the accounting concept what? | Matching expenses with revenue |
| What are the two accounts used to adjust the uncollectible account? | Uncollectible accounts expense, and allowance for uncollectible accounts |
| What are the two accounts used to adjust the depreciation of store equipment? | Accumulated depreciation-store equipment, and Depreciation expense-store equipment |
| What are the two accounts used to record the adjustment for federal income tax? | Federal income tax payable, and Federal income tax expense |
Created by:
lbeddow
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