Which of the Following Types of Accounts Appear on the Statement

question 38

Multiple Choice

Which of the following types of accounts appear on the Statement of Financial Position and Statement of Income respectively?
Statement of Financial Position           Statement of Income

• A)Permanent accounts                         Permanent accounts
• B)Permanent accounts                         Temporary accounts
• C)Temporary accounts                         Permanent accounts
• D)Temporary accounts                         Temporary accounts

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Definitions:

ATC

Average Total Cost; the sum of all production costs divided by the quantity of output produced, representing the cost per unit.

MC

An abbreviation often used for Marginal Cost, which represents the cost of producing one more unit of a good.

AP

Advanced Placement, a program in the United States and Canada offering college-level curriculum and examinations to high school students.

AVC

Average Variable Cost; the total variable costs divided by the number of units produced, indicating the variable expense per unit of output.