Which of the Following Accounts Would Appear on the Income

question 96

Multiple Choice

Which of the following accounts would appear on the income statement?

• A)Accumulated Depreciation
• B)Depreciation Expense
• C)Fees Earned
• D)Both B and C.

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Definitions:

Assignment Situations

Circumstances in which rights or duties under a contract are transferred from one party to another.

Assignability

The capability of a contract or right to be transferred from one party to another.

Contractual Obligations

Refers to the legally enforceable promises and duties that parties agree upon in a contract.

Legal Restrictions

Laws or regulations that limit or regulate certain activities or behaviors in order to protect public interest.