Question 39 ( 7 Marks) answer the following multiple choice questions with the most correct answer

Which of the following is a listing of all the account balances at a specific point in time? O the Statement of Financial Position O the chart of accounts O the general journal O the trial balance Which of the following statements regarding the retained earnings account is not true? O It normally has a credit balance. O Its balance is increased by revenues. O Its balance is decreased by expenses. O Its balance is increased by the declaration of dividends. A debit entry made to an asset account and credit entry made to the revenue account at the end of the period is referred to as a(n) O accrual. O deferral. O correcting entry. O closing entry. Which of the following would normally be recorded with an adjusting entry? O Sales on account O Payment for supplies bought on account O Utilities expense- Depreciation expense Which of the following would be the closing entry for dividends declared? O Dr. Expense summary, Cr. Dividends declared O Dr. Retained earnings, Cr. Dividends declared O Dr. Dividends declared, Cr. Income summary O Dr. Dividends declared, Cr. Retained earnings Which of the following statements about the trial balance is not true? Debit balances must equal credit balances. O It includes only assets, liability and equity accounts. O It is useful for detecting errors. O It is an important step in the accounting cycle. Which of the following is an example of a temporary account? O Accumulated depreciation O Retained earnings O Unearned revenues O Dividends declared