Which One of the Following Groups of Accounts Contains Only

question 23

Multiple Choice

Which one of the following groups of accounts contains only assets?

• A)Equipment, patents, accounts receivable.
• B)Accounts receivable, building, retained earnings.
• C)Accounts payable, notes payable, contributed capital.
• D)Retained earnings, goodwill, and accounts payable.

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Definitions:

Output

The total amount of goods or services produced by a firm, industry, or economy within a specific period.

Fixed Cost

A cost that does not change with the level of output or production, such as rent or salaries.

Short Run

A period in economics during which at least one input, such as plant size, is fixed and cannot be changed.

Physical Capital

Tangible assets such as buildings, machinery, and equipment used in the production of goods and services.