Which of the Following Is a True Statement

question 55

Multiple Choice

Which of the following is a true statement?

• A)Revenue accounts are a subset of assets,and expense accounts are a subset of liabilities.
• B)Both revenue accounts and expense accounts are subsets of contributed capital.
• C)Both revenue accounts and expense accounts are subsets of retained earnings.
• D)Revenue accounts are a subset of cash,and expense accounts are a subset of accounts payable.

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Definitions:

Revenues

The total income generated from normal business operations and other activities, such as the sale of goods or services.

Credit

An accounting entry that either increases a liability or equity account, or decreases an asset or expense account. It is also used in banking to denote a positive balance.

Debits

Financial entries that represent an increase in assets or expenses or a decrease in liabilities, equity, or income on a company's balance sheet or income statement.

Credits

Entries in the accounting system that can decrease assets or increase liabilities and equity on a company’s balance sheet, reflecting the decrease in the company's resources or increase in claims against those resources.