Which of the Following Describes the Classification and Normal Balance

question 173

Multiple Choice

Which of the following describes the classification and normal balance of the fees earned account?

• A) asset, credit
• B) liability, credit
• C) owner's equity, debit
• D) revenue, credit

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Definitions:

Demand Curve

A graph showing the relationship between the price of a good and the quantity demanded at those prices.

Consumer Income

The total earnings of an individual or household from various sources, determining their purchasing power.

Demand Curve

A graph showing the relationship between the price of a good and the quantity demanded.

Price Rise

An increase in the cost of goods and services in an economy over a period, often leading to decreased purchasing power.