Which of the Following Would Not Be an Account in the General

question 151

Multiple Choice

Which of the following would not be an account in the general ledger of a corporation?

• A) Dividends Payable
• B) Retained Earnings
• C) Additional Paid-in Capital
• D) Dividends in Arrears

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Definitions:

Periodic Inventory System

An inventory accounting system where updates to inventory records are made on a periodic basis, not continuously.

Physical Inventory

A process of counting and verifying the actual inventory on hand at a business location, typically performed at the end of an accounting period.

Merchandise Purchases

Transactions involved in buying goods for resale in the normal course of business, typically constituting a significant expense for retail companies.

Physical Inventory

Physical Inventory involves a manual count of all physical goods a company has in stock at a specific point in time to ensure accuracy of inventory records.