Which of the Following Accounts Would Appear in the Income

question 77

Multiple Choice

Which of the following accounts would appear in the income statement credit column?

• A)Service Revenue
• B)Prepaid Insurance
• C)Unearned Revenue
• D)Depreciation Expense

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Definitions:

Net Savings

The amount left after subtracting a person's or organization's total expenses from their total income, often accumulated over time.

Discount Period

The time frame between the beginning of a loan or credit term and the date the full payment is due, during which a discount may be offered for early payment.

Aging Schedule

A report categorizing a company's accounts receivable according to the length of time an invoice has been outstanding, used to determine credit and collection policies.

Uncollectible Accounts Receivable

Money owed to a company that it does not expect to collect due to the debtor's inability to pay.