7. Answer the following statements as true or false, then select the correct multiple -choice...
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7. Answer the following statements as true or false, then select the correct multiple -choice answer: 1. If dividends are declared during the year the company would close the dividend account by debiting retained earnings and crediting the dividend account. 2. A company that forgets to recognize depreciation for the year understates its income and assets. 3. Prepaid insurance expense will have a zero balance on the post-closing trial balance. 4. Retained earnings on an adjusted trial balance is the beginning retained earnings for the period. A. True, False, False, False B. False, True, True, False C. True, False, False, True D. False, True, True, True E. True, True, False, False
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7. Answer the following statements as true or false, then select the correct multiple -choice answer: 1. If dividends are declared during the year the company would close the dividend account by debiting retained earnings and crediting the dividend account. 2. A company that forgets to recognize depreciation for the year understates its income and assets. 3. Prepaid insurance expense will have a zero balance on the post-closing trial balance. 4. Retained earnings on an adjusted trial balance is the beginning retained earnings for the period. A. True, False, False, False B. False, True, True, False C. True, False, False, True D. False, True, True, True E. True, True, False, False 