Compare the List of Accounts Below and Choose the List

question 88

Multiple Choice

Compare the list of accounts below and choose the list that contains only accounts that would be classified as asset accounts on the Chart of Accounts.

• A)Accounts Payable;Cash;Supplies.
• B)Unearned Revenue;Accounts Payable;Owner's Withdrawals.
• C)Building;Prepaid Insurance;Supplies Expense.
• D)Cash;Prepaid Insurance;Equipment.
• E)Notes Payable;Cash;Owner's Withdrawals.

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Definitions:

Deadweight Loss

A reduction in economic efficiency that happens when the balance for a product or service cannot be reached or is impossible to achieve.

Profit-maximizing Monopoly Pricing

Profit-maximizing monopoly pricing is a strategy where a monopolist sets a price at the highest possible level that does not allow new entrants, maximizing its profit.

Marginal Revenue

The additional income that is generated by increasing product sales by one unit.

Marginal Cost

The cost incurred by producing one more unit of a good or service.