Question 3 --/5 View Policies Current Attempt in Progress Select all of the following statements that are true. Dividends are an expense and are included in a company's calculation of net income. Assets minus liabilities equals shareholders' equity. Ending retained earnings equals opening retained earnings plus revenues minus expenses plus dividends declared. The words "on account" and "on credit" mean the same thing. A change in an asset will require a change in a liability and/or shareholders' equity item. The word unearned in front of revenue indicates that this is a liability account rather than a revenue account. Transactions always involve the increase in one or more accounts and the decrease in one or more accounts. Increases in expenses and dividends declared are shown as negative amounts in the accounting equation because they reduce retained earnings and shareholders' equity. Save for Later Attempts: 0 of 1 used Submit