Which of the Following Statements Is Incorrect

question 90

Multiple Choice

Which of the following statements is incorrect?

• A) The normal balance of the accounts receivable account is a debit.
• B) The normal balance of the owner's withdrawals account is a debit.
• C) The normal balance of an unearned revenues account is a credit.
• D) The normal balance of an expense account is a credit.
• E) The abnormal balance of a revenue account is a debit.

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Definitions:

Estimate of Value

An approximation of something's worth, determined through analysis or professional appraisal techniques.

Nondisclosure

The act of withholding information or not communicating certain information, often to protect confidentiality or trade secrets.

Misrepresentation

Providing false or misleading statements that induce someone into a contract that they would not have entered had they known the truth.

Silence

The absence of expressed stipulations or disclosures, which in certain legal contexts, may imply consent or acquiescence.