The Balance Sheet Is Composed of the Following Types of Accounts

question 250

Multiple Choice

The balance sheet is composed of the following types of accounts:

• A)Revenue,expenses,and earnings.
• B)Operating expenses,cash flow,and capital expenditures.
• C)Capital,cost,and valuation.
• D)Assets,liabilities,and owners' equity.

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Definitions:

Taxpayer's Household

The group of individuals, typically family members, who live with the taxpayer and may affect the taxpayer's tax filings and deductions.

Marital Status

An individual’s legal partnership status, such as single, married, divorced, or widowed.

Tax Purposes

Pertaining to or in order to comply with tax laws and regulations.

Head of Household

Head of Household is a filing status for individual U.S. taxpayers who are unmarried and pay more than half the cost of keeping up a home for themselves and a qualifying person.