Identify the Statement Below That Is Incorrect

question 170

Multiple Choice

Identify the statement below that is incorrect.

• A)The normal balance of accounts receivable is a debit.
• B)The normal balance of dividends is a debit.
• C)The normal balance of unearned revenues is a credit.
• D)The normal balance of an expense account is a credit.
• E)The normal balance of the common stock account is a credit.

Analyze and prepare financial statements for not-for-profit organizations using information from various funds.

Identify and apply the procedures related to the encumbrance system in accounting for not-for-profit organizations.

Understand the financial implications and accounting requirements for inter-fund transactions.

Develop competencies in preparing journal entries for transactions specific to not-for-profit organizations.

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Definitions:

Reinstatement

The act of restoring someone or something to a previous position or status, often used in employment contexts when a job is returned to a previously terminated employee.

Arbitrator

A neutral third party chosen to resolve disputes between parties in an arbitration proceeding.

Statutory Right

A right granted and protected under a specific statute or law by a legislative body.

Employment Standards

Legal requirements that establish the minimum conditions for working hours, wages, benefits, and working conditions that employers must provide to employees.