Question: Question 1(Word limit 200, 20% deduction for over limit) Dividends can be reported in the income statement and it should be closed to Income Summary

Question 1(Word limit 200, 20% deduction for over limit) Dividends can

Question 1(Word limit 200, 20% deduction for over limit) Dividends can be reported in the income statement and it should be closed to Income Summary account at the end of the accounting cycle Do you agree with the above statement? Explain your reason

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