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.

---

Definitions:

Industry Supply

The total output of goods or services that firms in a specific industry are willing and able to sell at various prices, over a certain period of time.

Purely Competitive Industry

A market structure where many firms offer products or services that are similar, allowing for free entry and exit, and ensuring no single firm can influence market prices.

Long-Run Adjustments

Changes in the scale of production or in the input mix used by firms in response to economic conditions over a period where all inputs can be varied.

Market Supply

The total amount of a product or service that is available for purchase at various price points in a market at a given time.