The Closing Entry Required to Reset the Dividends Account for the Next

question 78

True/False

The closing entry required to reset the dividends account for the next accounting period includes a debit to dividends and a credit to retained earnings.

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Definitions:

Magnetism

A physical phenomenon produced by the motion of electric charge, which results in attractive and repulsive forces between objects.

Dual-in-line Package

A standard electronic device package with a rectangular housing and two parallel rows of electrical connecting pins.

Installation

The process of setting up equipment, software, or a system for operation.

Latching Relay

A relay that maintains a given position by mechanical or electrical means until released mechanically or electrically.