Identify all correct answers. Distribution of cash dividends ().
A. decrease owners' equity
B. decrease net income
C. are recorded by debiting the Dividend Payable Account
D. are business expenses
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The accounting reporting period agrees to the calendar year.
A. 对
B. 错
If the trial balance shows that the ledger is in balance, this means that the individual business transactions were recorded to the appropriate ledger accounts.
A. 对
B. 错
The most important output of the accounting cycle is the financial statements.
A. 对
B. 错
Prepaid Insurance is an example of a current asset.
A. 对
B. 错