Which of the Following Accounts Should Be Debited in a Journal

question 71

Multiple Choice

Which of the following accounts should be debited in a journal entry?

• A)Accounts Receivable,when it has been decreased.
• B)Dividends,when it has been increased.
• C)Wages Payable,when it has been increased.
• D)All of these choices.

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Definitions:

Management Control

Management control refers to the processes and procedures implemented by an organization's management to ensure that its resources are being used effectively and efficiently toward the achievement of its objectives.

Periodic Inventory System

An inventory valuation and management method where updates to inventory levels are made periodically at the end of a specific accounting period.

Cost of Goods Sold

The direct costs attributable to the production of the goods sold by a company, including material and labor costs.

Inventory Cost Flow Assumption

An accounting assumption that determines how the cost of inventory is allocated to the cost of goods sold and ending inventory.