Which of the Following Items Is Not a Specific Account

question 55

Multiple Choice

Which of the following items is not a specific account in a company's chart of accounts?

• A) Income Tax Expense
• B) Sales Revenue
• C) Unearned Revenue
• D) Net Income

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Definitions:

Valuation of Liabilities

The process of determining the present value of liabilities, often for financial reporting or when entities merge or are acquired.

Impairment of Assets

A reduction in the recoverable value of a fixed asset or goodwill, signifying that its carrying amount exceeds its recoverable amount or market value.

Degree of Control

The extent to which an entity has the power to govern the financial and operating policies of another entity so as to benefit from its activities.