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Chapter 14-Dividends

QuestionAnswer
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