Dividend Accounts Are Closed by Crediting Them and Debiting Retained

question 28

True/False

Dividend accounts are closed by crediting them and debiting Retained Earnings.

---

Definitions:

Great Schism

Refers to two major divisions in Christian history; the first in 1054 between the Eastern (Orthodox) and Western (Catholic) Churches, and the second, beginning in 1378, a division within the Roman Catholic Church where rival popes were established.

Conciliar Movement

A reform movement in the medieval Christian Church aiming to resolve papal disputes by convening authoritative councils, asserting that such councils held supremacy over the Pope.

Reformation in England

The series of events in the 16th century when the Church of England broke away from the authority of the Pope and the Roman Catholic Church.

King Henry VIII

The king of England from 1509 to 1547, known for his six marriages and role in the separation of the Church of England from the Roman Catholic Church.