Which of the Following Accounts Would Appear in the Balance

question 92

Multiple Choice

Which of the following accounts would appear in the Balance Sheet columns of the end-of-period spreadsheet?

• A) Consulting Revenue
• B) Prepaid Insurance
• C) Rent Expense
• D) Fees Earned

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Definitions:

Assets

Economic resources or owned items of value, such as cash, property, equipment, that an individual, company, or country owns or controls with the expectation that it will provide future benefit.

Equity

The value of an ownership interest in property, including shareholders' equity in a corporation.

Stockholders' Rights

Refers to the legal entitlements inherent to the ownership of a corporation's stock, including voting on corporate matters, receiving dividends, and sharing in the distribution of assets upon dissolution.

Creditors' Rights

The legal rights and remedies available to creditors to collect debts owed to them.