Identify the Account Below That Is Classified as an Asset

question 15

Multiple Choice

Identify the account below that is classified as an asset in a company's chart of accounts:

• A)Accounts Receivable
• B)Accounts Payable
• C)Owner's Capital
• D)Unearned Revenue
• E)Service Revenue

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Definitions:

Real Estate Broker

A real estate broker is a licensed professional who arranges real estate transactions by matching buyers and sellers, typically earning a commission for their services.

Undisclosed Principal

A person or entity that remains unknown to the third party in a contractual agreement, usually represented by an agent.

Disclosed Principal

In an agency relationship, a principal whose identity is known to the third party at the time of entering into a contract with the agent.

Partially Disclosed Principal

A situation in an agency relationship where the third party knows of the agent's existence but not the identity of the principal.