Which of the Following Would Be the Closing Entry for Dividends

question 18

Multiple Choice

Which of the following would be the closing entry for dividends declared?

• A)Dr.Expense summary, Cr.Dividends declared
• B)Dr.Retained earnings, Cr.Dividends declared
• C)Dr.Dividends declared, Cr.Expense summary
• D)Dr.Dividends declared, Cr.Retained earnings

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Definitions:

Ascribed Status

A social position assigned at birth or involuntarily later in life, based on factors like race, family background, and so on, over which the individual has no control.

Class System

The organized pattern of social class in society.

Achieved Status

A social position a person gains through their own efforts or accomplishments, as opposed to ascribed status, which is inherited or assigned at birth.

Personal Responsibility

The obligation of an individual to account for their actions and make amends for any harm caused.