1. which of the following is INCORRECT?

a. A trial balance is a list of accounts with their balances.

b. none of the answers are correct.

c. a trial balance will identify when a journal entry has not been posted.

d. a trial balance may be prepared monthly, quarterly, or annually.

e. a trial balance proves that debits equal credits.

2. when a service has been performed, but no cash has been received, which of the following statements is true?

a. the entry includes a debit to accounts payable

b. no journal entry is made.

c. the entry includes a credit to DEFERRED REVENUE.

d. the entry includes a debit to ACCOUNTS RECEIVABLE.

3. a cash payment by a corporation to its shareholders by way of a distribution of net income is

SELECT ONE:-

a. recorded as dividends declared

b. recorded as an advance to shareholders

c. recorded as an investment

d. recorded as salaries expense