A Journal Entry Contains a Debit to an Asset Account

question 15

Multiple Choice

A journal entry contains a debit to an asset account and a credit to a revenue account. This is an example of a(n) :

• A) deferred expense
• B) unearned revenue
• C) accrued expense
• D) accrued revenue

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Definitions:

Accuracy

The degree to which the result of a measurement, calculation, or specification conforms to the correct value or a standard.

Posting

The act of recording financial transactions in the ledger of an accounting system.

Transaction

An agreement or exchange between two parties that involves the buying, selling, or trading of goods, services, or financial instruments.

Proof

in a financial context, refers to the process of verifying the accuracy and consistency of accounting records and financial statements.