Accounting Competency Exam- Fau

Financial Reporting {Ans: Financial reporting includes financial statements and various press releases, announcements, and projections.}Dividend {Ans: Payment (usually of cash) to the owners of a corporation; it is a distribution of income to owners rather than an expense of doing business.}Close income summary and dividend accounts to: {Ans: Retained Earnings}Journal {Ans: A chronological (arranged in order of time) record of business transactions; the simplest form of journal is the two-column general journal.}Accounts payable {Ans: Amounts owed to suppliers for goods or services purchased on credit.}Objective of financial reporting: {Ans: to help investors and creditors make decisions}