Net Income and Dividends Are Part Of

question 44

Multiple Choice

Net income and dividends are part of:

• A)liabilities.
• B)Stockholders' Equity.
• C)assets.
• D)net income.

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Definitions:

Cash Sales

Cash sales refer to transactions where payment is made in cash at the time of sale, without deferral.

Petty Cash Account

A small amount of cash kept on hand for minor or incidental expenses, managed through a specified fund.

Purpose

The reason for which something is done or created or for which something exists.

General Journal Entry

A general journal entry is a record of financial transactions that includes details such as date, accounts impacted, amounts, and a brief description of the transaction.