Accounting Chapter 11 Kahoot

True

A corporation can decide if and when to declare a dividend

True

A corporation's Dividends account is a temporary account

True

A corporation's dividends account is a temporary account

True

A credit memorandum results in the vendor recording a credit to the customer's account

True

A general journal entry posted to Accounts Payable will also be posted to an accounts payable subsidiary account

True

A sales return that credits the customer's account is recorded in the general journal

False

All corporations are required to pay dividends

True

Dividends are distributed to stockholders only by formal action of the board of directors

False

Most corporations pay dividends by writing checks to stockholders on the day after declared

True

Sales Returns and allowances decrease the amount of a business's sales

False

The heading of the balance column of the accounts payable ledger is titled Debit Balance

False

The normal account balance of Purchases Returns and Allowances is a debit

False

The normal account balance of Sales Returns and Allowances is a credit

False

The stockholders' equity account, Dividends, has a normal credit balance