Which of the Following Describes the Classification and Normal Balance

question 70

Multiple Choice

Which of the following describes the classification and normal balance of the Unearned Rent Revenue account?

• A)Asset, debit
• B)Liability, credit
• C)Revenues, credit
• D)Expense, debit

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Definitions:

Total Surplus

The sum of consumer surplus and producer surplus in a market, representing the total net benefits to society from the trade.

Price Of Ethanol

The cost at which ethanol, a type of alcohol used as fuel, is sold in the market.

Supply Curve

A graph showing the relationship between the price of a good and the amount of it that suppliers are willing to produce and sell, typically upward sloping.

Producer Surplus

The difference between what producers are willing to sell a good for and the actual price they receive, representing the additional benefit or surplus enjoyed by producers due to market conditions.